The programs also attach all sorts of fees in order to finance the loan.  -- This is one fee among many which I found in the Hero program loan documents which could add quite a bit to your principal -- Program Administration Fee.

In the worst-case scenario, your entire IRA can be considered distributed. 

I actually wish this was the worst of the problems, it is only the tip of the ice burg!

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.PM us if you’d like to discuss this logical approach in greater detail!

Worst case scenario, I own the land again, have paid off my note on it, and made interest income off of it.

Also consider, you've gone past the first 5 years of the loan which are interest/principal reduction ratio wise the worst years. 

I am okay with the 5/30 amort, because worst case scenario, if I don't see rates drop, I can just sell or refinance. 

Reserve requirements vary greatly from lender to lender but you have to acceptable reserves of some sort as well.Lastly, keep in mind, many lenders will not consider managing properties where you are not on title as experience. 

Even if the worst predictions become a reality, hot and coastal areas are still going to be nicer places to live than the Midwest. 

Otherwise you will dream up the worst scenarios.