If you have more of an appetite for leverage, then I think you trade up into better quality, higher appreciation assets; however, life does not exist on a spreadsheet.

MY PLAN: My plan was always to refinance the mortgage when rates dropped in the future, so my hope is that my mortgage would eventually come down to around $1,500-1,550 which then makes my numbers closer, as rental prices increase over time.

Your goal should be to break even or come close in the first year, then let inflation work in your favor for rental renewals and building equity.

I plan on house hacking when I have the chance and then  growing my real estate portfolio as much as possible as time goes on.

And I advise then to have a longer horizon. 

It is all about your comfort level, but for me and many others on here they will note your better off investing that money in a deal and learning that way then spending large sums of money on gurus.

In the upper mid-west if you pay for the heat, then expect to be closer to 60%.

Are there any other options for us then to wait for a vacancy?

I am located in the Charlotte area and would agree about the presence of our financial sector but also medical is a huge industry as well.If your outlook is 10 years then going with either option will prove fruitful.

The trust then hires our management company to act as landlord and deal with tenants.Yes, tenants do have a right to know that their landlord is legitimate and that they are authorized to manage the property.But, that's it.It's all fun and games until an armed, pissed-off tenant shows up at the doorstep of your personal residence...