Some people like to use debt to limit their liability while other like to eliminate debt as quickly as possible to insure as little money as possible gets paid out in interest.

Eliminating the food source is the first step to solving the problem.

However, the Tax Cuts and Jobs Act eliminated this restriction starting in 2018.

The owner did mention they want to eliminate being responsible for the mortgage.

Therefore as time goes on, a seasoned investor realizes that there is a ton a risk with too much leverage and then we actively try to reduce it or even eliminate it.If all rents were to drop 25%, could you keep your portfolio? 

Personally, I would eliminate the verbiage of "Applicant must exhibit a responsible financial life" and "Applicant’s background must exhibit a pattern of responsibility".

Eliminating all debt and living below your means negates the majority of concerns listed here.  

Never really thought about AI as a threat to jobs, but I don't dispute there are jobs that being eliminated because of it. 

I eliminated one of the units for me to live in. 700x3 = 2100. 

If you decide to keep the property you can refinance into a conventional loan and hopefully you have enough equity to eliminate the PMI/MIP.