I think I would probably talk to an attorney tbh these business purpose non regulated loans do not have rate locks that have to be honored legally.. they can and do change them unilaterally.. borrower accepts counters or declines and loan fails. 

In Maryland for a year lease, you have to give 90 day notice of non-renewal.

If using a lender this is a non issue.

Must have multi-family zoning and be 500+ feet away from another non-owner occupied STR or you must live in the property for 6 months out of the year. 

He has only done single family (non investment) properties.

A 4 bed, 1 bath is typically a non-starter.Improving kitchens and baths.  

If you want 100% of your investments in public equity, that is fine and you will reap those rewards or suffer those losses.  

But then, in the public meeting, people were like “uh what about unmarried couples?

I was advised it would be beneficial to have a reason for non-renewal in New Hampshire in the event that the tenant fights it.

Your best bet is to read information from public blogs that approach both options objectively.