If this is M2M then you are in control. 

Then you can find a handyman to do the work and be in control of it.

You need to spend time on damage control.

Co-signors generally have no interest in the property unless you are related by blood- parent, marriage,or  legal court order- these are "exceptions" which an Underwriter approves. 

., more than half of the calendar year) for the Borrower's personal use and enjoymentThe Borrower may rent the property on a short-term basis provided that the property is not subject to any rental pools or agreements that require the Borrower to rent the property, give a management company or entity control over the occupancy of the property or involve revenue sharing between any owners and the developer or another partyYou were right @John Transue and @Keyla Rosario and @Brent Huling I only need to occupy it part time, and can rent it out with no penalty of fraud. 

Real estate is subject to annual property taxes - you have to pay property taxes every single year, and you have no control over the tax rates!

i would say if you were GP on this hypothetical deal, then go ahead and do it. you could do a few more deals after this one and pay off the loan faster. if you are simply a LP, its risky since you have no control on how the deal goes. i did a similar strategy with buying a duplex but i have full control of the asset and how it is run. if you are going to be passive i would try the solo 401K route.   

Innago has more controls over payments.

This is why people are now buying at 3% cap rates...they are seeing the out of control rent growth and they know that the revenue stream is growing--rapidly.

Should I add in monthly pest control and if so, is that based on per sq foot of living space?