As far as using them repeatedly you'll find it's either too difficult or the numbers are less than desirable.

I decided to go with a local insurance broker and they got me a policy for $500 a year.

Yes, we still have a long way to go but they are lightyears better now than they were when we got them.

I would also recommend that you find the realtor in your desired segment who has specific analytical capability with up-to-date market data. 

It is your agent who needs to go to bat for you, she will be paid later, IF the deal closes.

I set an appt to go by and check it out get some pictures on Wednesday.

Friday night the seller comes back and we agree to go up another $3k as our highest and best. 

If you'd like to go over this point-by-point as a buy-and-hold repair scenario for the experience, send me a PM with the address so I can check out the listing in Zillow and we'll do it as an exercise.

I can absorb the worst case scenario for one ARM since everything else I hold is on low fixed rates and cash flows well, but I'd be wary of collecting a bunch of ARMs like this if they all have the potential to go negative cash flow.

It doesn't take a lot for a project to go 150-200K over budget when the building department holds you up, the gas company can't install new lines for 6 months, and your subs walk off the job.