The main advantage of a 15 year loan are:1) lower interest rates2) forced savings for less-disciplined peopleHowever if you are certain you are going to sell or pay off the home in a short amount of time you could consider an ARM as they will give you the lower interest rates with a 30 year term.

I know, classic beginner's mistake, getting emotionally attached to a property.With the help of an independent inspector we touched up several details of the rehab work that were initially unsatisfactory.

To a certain extent I suppose it makes sense to "self insure" but you need to be disciplined enough to set aside at least the reserve to clear the lot if you are not going to rebuild. 

It just takes time and discipline.

There is a balance between points, interest rate charged, terms and risk that borrower and lender have to consider.More experienced lenders often get points for just that reason (and to cover the costs and efforts of moving money).While less experienced lenders tend to focus on interest rates and emotionally perceived risk of the investment and relationship to the borrower (how much they like them).That said, I'm not sure if points are necessary to a loan.

Just as in Poker, with Real Estate "LEAVE YOUR EMOTIONS AT THE DOOR." 

Do you think this has to do with emotional response to owning property??

As a Trump supporter I will try to keep my response without emotion.

In my opinion, you should steer clear from buying a property with existing tenants... its not always easy to remove them and can be emotionally and mentally taxing but if you have to buy with tenants your first property and its a good deal then it may be worth it.

Not to mention the emotional toll it takes on a property owner and the aftermath of finally getting your property back then perform expensive repairs.