If appraisal and home inspection goes well we will have some extra capital to take part in a syndication or fun and be done with single family for a bit!

Once you have the rental, you can use the extra income from that to pay down the other loans faster.

I ran a flip from the Jersey Shore in Philadelphia a few years ago and even after having experience behind me, there were some mistakes I made that made the 90 minute drive to the property an extra problem. 

I would rather not buy a condo, just because I want to be extra cautious with it being my first deal.

Should we take extra measures when having our properties cleaned between guests?

They were in good shape, so I left them as I didn't have a lot of extra money at the time. 

When accounting for capex I would allocate an extra 1500 for maintenance FOR A PROPERTY THAT WAS NOT A FIXER UPPER WITH A GOOD HOME INSPECTION OR A RENOVATION WITH QUALITY PROJECT MANAGEMENT. 

And that should leave me with an extra 35 left over in home equity loan.

I might suggest putting extra effort into understanding all the terminology as there can be several different names for the same thing so it helps to have those understood well.

As Robert said above it may be cheaper to pay for extra coverage on you insurance policy instead of adding an umbrella.