I will under no circumstances take responsibility for the safety of a tradesmen if there are pets on the property.2.

Or should I find a property first and hope that no one will get that property under contract right away?

The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

While there is no statutory holding period to qualify, it is important that you be able to demonstrate that your intent was to hold. 

We pride ourselves in keeping the forums positive, helpful, and focused on real estate (please, no politics, religion, etc.).

Does that operational aspect have to devour all cash-flow, no not necessarily but it could, all depending on situation specifics right. 

However, there is no way to do so without risk.The Internal Revenue Services issues three (3) Private Letter Rulings (PLRs) that allowed the taxpayers to do just this.

Quote from @Erick Pena: Hi everyone,I’m new to real estate investing and just finished reading Brandon’s book on investing with no money down.

If you really want to get rid of them, sweeten the pot by offering to return their deposit after you verify the unit is empty with no damages. 

Drop price $50 or $100 Wait 2-3 weeks and if no renter emerges drop it another $50-$100.