The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

We do tend to know what appropriate rents are for the different times of year, although you can't hold to those permanently. 

Quote from @Jaycee Greene: Quote from @Jeffrey Eschbach: Investment Info:Small multi-family (2-4 units) buy & hold investment.

Investment Info:Single-family residence buy & hold investment.

Paint can only hold so much together for so long.  

When evaluating potential properties, consider three exit strategies: if you can sell quickly for a profit, hold it as a rental, or take a loss.

I have owned several single family homes as rentals in my own name, my first LLC holds mostly 2-4 unit small multifamily properties, while my most recent LLC has all 5+ units.

Wealth in real estate is usually, though not always, made by buying and holding properties, and the passage of time. 3) Consider working for a property manager or real estate investor in the summers as an intern.

Not sure if this holds true in your market.

Lenders often consider the whole picture, so keep building that credit but don't let it hold you back from exploring options.Since you're considering a trailer to fix up, have you thought about markets like East Phoenix or the outskirts of Austin?