It can seem attractive upfront, and certainly the banks want to convenience you of that (due to the fees added), but there are better, and cheaper routes to go with lending on a property with a $1M + loan amount.I'm a commercial mortgage broker so I deal with multiple types of loan options.

The Book on Rental Property Investing (A one-stop-shop for rental properties)All are available as e-books and audiobooks, which are slightly cheaper than the physical book option.

Since you'll be living there for a year, you can see it as the renter helping you pay a part of your mortgage so you can live a little cheaper for a year. 

Then when the contract comes, if their numbers don't work they back out or try and get the deal cheaper.

This is the easiest way to get into real estate since the rate is cheaper and the down payment is less.

In addition, rents were moderate in comparison to other Boston neighborhoods and I knew many young professionals were seeking cheaper alternatives.

@Wes Barnes I do cheaper homes like this as well.

They each pay half of utilities. so I project almost 13,000 a year, I don't have to run around like a madman, I don't want to pay self-employment tax, cheaper insurance, they pay utilities and some of Internet.

With my "soft holdbacks" that number has been harder to hit (I just need to buy cheaper!).

C neighborhood properties are much cheaper and cash flow great but are more work.