I've always been told to avoid variable rates but if it's essentially a fixed rate for the first 10 years, is it a bad idea to go ahead and refinance with them and just expect to refinance again before the 10 years are up?

You would keep the loan in place and essentially pay her mortgage for her. 

For example, they had the wrong mailing address attached to my rentals' online records despite the correct info being on the paperwork.

You're essentially taking a 10-20% loss on day one. 

Wouldn't you assume that it would be MUCH less than that considering we are getting all the construction loans and essentially carrying the risk?

https://www.redfin.com/IL/Deca...Only 60K so even if you can’t go through all the paperwork of you have 12K down you can get a cashflow loan.

Simply enter some information to view projected key return on investment (ROI) metrics, including cash flow, cash-on-cash return, net operating income, and cap rate.Minimize risk by investing in a pre-inspected, turnkey rental property with a tenant in place to earn cash flow beginning the day the deal closesBegin the loan application process early, because sometimes lenders require more paperwork than when you’re financing in your home stateHire a good local property manager who has experience working with out of state investorsWhile buying out of state rental property does come with some risk, investing the right way helps to minimize those risk while maximizing the overall returns of your property portfolio:Key reasons for investing out of state include increasing cash flow and portfolio diversification.Affordability, matching markets with investment strategy, and property affordability are three advantages to buying real estate out of state.Turnkey rental property and a local property manager help to reduce the risk of investing outside of your home state.All the best!

There are no shortage of lipsticked pig properties out there, and learning to spot them is essential for successful RE investing...we're all susceptible to "shiny object syndrome", but being aware of it is the first step to avoiding it!

To me, walking the neighborhood and meeting a tenant are an essential part of the underwriting process.The seller was very forthcoming throughout and had been operating a solid business.

Biggest difference is going to be the tradeoffs (which has pros and cons) of lower rates and fees but much more hassle, paperwork, time suck and potential for deals not working with strict requirements (conventional) vs. hard money (higher rates and fees, but much quicker, much less documentation and time and hassle, and a much lower likelihood of deal dying - hard money lenders can be much more flexible)