Your Contractors Liability and Workers Comp are likely to be rated based on payroll. 

Try to go for cap rates lightly better than market, but not much better as had bad experience with super high yielding props.  

(interest rate ranges and months)What is the typical down payment?

With this being such a high-dollar investment property, we locked in a 30-year fixed rate with a PITI of $2,600.

Of course with today's interest rates that may make your deal less appealing.

I like the idea of a lender looking at the deal and not pulling my credit (again), but I'm wondering how paying such a lender back would work, considering a (likely) higher interest rate and short amortization period.

I also wanted to get in before rates went too far up.

Congrats on taking the first step, usually people get hung up on only one strategy, and the best way to start your real estate investing journey is house hacking with lower down payments and interest rate since it is a new primary residence, especially since you can probably rent out your primary and cash flow when you move out.I'm a local investor and realtor here in Denver metro, and I've found success with house hacking here in Denver for myself (rent by room, Airbnb, Section 8, LTRs, etc) along with my clients too.

Home prices remaining elevated despite rapid interest rate spikes is a very good indicator for how out of balance the market currently is.

IMHO you made a huge mistake in offering to drop the rate....let her leave and find a new tenant that will pay what the market rate is currently.