A longer timeline will make paying the extra 2% now more attractive.

I could take look at it for you, and help you understand it if it's a standard lease, no need to pay me, although I am not a lawyer.  

The law does NOT apply to landlords:With less then 5 rental unitsThat live in one unit of a duplex and rent out the other unitThat rent out rooms in the home they occupySo, landlords can no longer state in their rental ads, "Section 8 not accepted".The reverse is also true, "Section 8 only", cannot be used.We've always recommended screening S8 tenants the same way as cash-paying tenants.Landlords waiving application fees and/or security deposits only for S8 prospects may also be violating Fair Housing.

Cash Payment: Decide whether you'll finance the purchase or pay in full.Future Resale Value: Factor in potential appreciation of the property.2.

And hopefully I can be financially independent by paying the mortgage down eventually.  

We will be paying nearly $50,000/year in property insurance.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

My PPR note fund investment is a little different in that you can buy some notes from PPR and pay for the PPR notes using your Fund investment. 

. $1300/month, tenant pays all utilities. 4 bedroom one is vacant.

FWIW Its California , you probably need a permit  to do just about anything as long as you pay the fee