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. 

Just put a offer in writing and put a time period on the offer. 

You want to have a bunch of doors so your performing assets carry your others during the periods of time you've got issues going on. 

Once you know what kind of tenants you have and their living habits and periodic inspections of their unit, you get a good feel for things and a good estimate of what you will be doing in repairs and improvements over the years.

I understand that its not mathematically the best solution because we lose tax efficiency, yada yada yada. 

Period.