My LOC is secured through the F&C property at 80% LTV at 5% interest only payments for 1 year.

If you had the cash to buy outright on one deal, versus using the same capital to fund financing on 3 or 4 more property deals....wouldn't it be more secure and better long term for rentals if you just bought outright one property in cash?

You can also rent it subject to you vacating, take a security deposit and sign a lease with the prospective tenant and submit copies of both to your conventional lender  for your o/o loan.

Do I have to secure the property first and then get quotes?

A 20-something with no college what-so-ever, I feel fortunate to have secure employment like I do.

You need to have someone secure the property immediately or coincidentally, your furnace, HW Heater, and copper will come up missing within days of their moving.  

Are you doing a year-to-year lease or are you able to secure secure a longer term lease?

(I'm sure someone will chime in with "you're asking for your home to be ruined" but I lived with 5 SDSU football players and not a thing went south).5) If students DID cause damage, security deposit will cover just about everything. 6) Usually, Financial aid or parents pay for rent, which means you don't have to be worried about not getting your monthly paycheck ;). 7) Lastly, I plan to fix it up in those 2-3 years that will attract the slightly more responsible tenant. 

Stephanie, I think one of the best strategies to build financial security and long term wealth is buy and hold.

So any loss in rental income could be deducted from his security.