Even though we will have a significant amount of cash to invest, I know I can’t just start throwing money at real estate investments without a plan, expecting to succeed.

Should I try to find private money to fund the whole amount and refinance in a year?

@Sridhar D. that's a strange reason unless the tenant needs to fix their credit or save up for a down payment to qualify for a mortgage.If so, I wouldn't hold my breath that they will perform.

Thomas Good to know that , now I need to know how I find those wholesale who sell those buyer list for lands  Check Meetup.com for wholesaler Meetups, Call "Bandit Signs" - Those signs on the side of the road that say "Fix N Flip for Sale, Call This Number" as those are Wholesalers building their buyers list, Google "Wholesalers in Florida" and call those companies, and just start looking for them.

Purchase price: $170,000 primary home 15yr fixed 2.75% 10yrs left on note What made you interested in investing in this type of deal?

We would then refinance into a 30 year fixed once the property is rented.  

That's another problem, I'm surviving on a small fixed income, therefore I can't afford to do any true marketing.

When did buyer's agents start training on  buying "off market" without agents, subject to, wraps, seller financing, lease options, land contracts, fix & flips, rentals, taxes, asset protection, etc, etc, etc.

I myself do care about them because so many fix and flips in the mid west markets are AFFORDABLE housing that is desperately needed to get folks out of rental rat race and throwing their money away on rent. 

@Henry Hsieh if you choose #3, have tenant sign lease MTM at full rent amount.