Some companies have extra coverage that insures against loss of rental income from a bad tenant if you let them screen the tenant before they move in.  

@Joshua McCarthyAre the joists burned like firewood or are they just scorched from the heat and flames?  

In my experience 2bd renters are typically older and don't have kids who might add extra wear and tear on a property. 

If you're currently on a 30 year and you're just breaking even on rents covering mortgage, insurance, and taxes and not able to save extra for repairs and maintenance, I personally wouldn't do a 15 year.

(Extra credit: record the call and then give it to the local paper if it's interesting...)

. $200 a month extra cashflow = $2400 a year, what are you going to put that money towards?

By the way the only time I have been significantly burned by a tenant is when I let the tenant convince me to rent to them even though they had poor credit. 

What would be wrong with a double close other than some extra closing costs?  

 @ $75/sq foot I do not think pursuing this makes much sense unless I have loads of cash burning a hole in my pocket.  

Of course, if you want to achieve $5k-15k EXTRA equity from day one, do what Wholesalers do - except KEEP the properties instead of re-selling them!