If he has effectively abandoned the property don't worry about the keys and have the locks replaced.

My general plan would be to utilize a 5, 7 or 10yr ARM for the temporary lower interest rate and then sell/1031 or refi and lock in a lower fixed rate based on market conditions at that time.My questions are, does this seem like a sound strategy and, while I have a general understanding of how the 3/5/7/10yr ARMs work, are there major or hidden drawbacks to be concerned about when financing with an ARM?

You switched financing, which triggered a new inspection that resulted in necessary repairs.

Just drill out the locks and install a new lock.

With any insurance policy/product, an "Occurrence" needs to happen to trigger coverage.  

The biggest problem you will run into is that an incoming investor will not have the same low interest rate you were able to lock in.

I WOULD LIKE TO INCORPORATE A WEBSITE THAT ALLOWS ME TO SEND NEW DEALS I HAVE LOCKED UNDER CONTRACT OF WILL BE FLIPPING BE READILY AVAILABLE.ANY SUGGESTIONS ON SOFTWARE, CRM, MARKETING AGENCIES OR USEFUL SOFTWARE TO HELP SCALE MY BUSINESS.

If an incident like this bedbug thing in the article happens and you are locked down for even 6 weeks what are you going to do?

These losses can be locked up if you're not a real estate professional (REPs).

I have listened to BP Podcasts, read about 4 books from Brandon Turner and I'm getting my ducks in a row before I pull the trigger and finance my first long term rental.