If you plan to hold the rental for a long period of time it is better to start a little later knowing you have purchased in a location that you are comfortable with.

I had roommates the entire time so they helped with the holding costs over the period.

The deposit is often refunded at the end of the rental period IF it was not used to compensate the landlord for damage or repairs.I agree with others that I'd look for another reason to decline.

During the due diligence period I checked with the County/City for violations, etc.

Some of the concepts roll over to multi family as wellSome costs during operating period including but not limited-Initial Phase-Leasing commission one time for 1st month( if using broker) (depend on broker fee structure)Property mgt fees (depend on broker fee structure)Landscape costsRekeying your house or change locksCleaning property Vacancy Any repairs During occupancy-TaxesInsurance Property mgt fees (not included if you're managing)RepairsRental permit (depends on city)Feel free to ask any questions -Kevin

I trust we'd set up alternatives for vacation periods - the communication and backup angles in play. 

Usually, they have draw periods of a year or two and then you get set up on a repayment plan for a fixed amount of time (local credit unions or SMALL, local banks)-this would get you around the refi problem. 

Three good steps are to 1) buy for cash flow, not appreciation, 2) secure debt that is longer in term than your projected hold period, 3) have adequate upfront reserves.

It was adjacent to some other properties that we manage, so the efficiencies and economies of scale were attractive.

An inspection contingency can be redundant because even if the inspection period is over, the lender may not finance based on the condition.