That means that bank has its own set or rules/guidlines and can offer exceptions and offer more programs. 

The borrower will need to be exceptionally qualified and have significant reserves (particularly for a jumbo or super jumbo loans of $1-2-5M++) Historically borrowers could qualify with 10-20% reserves of the amount financed, that could jump to 100%+ without significant state and federal intervention.

There are some exceptions to having a pool like if the house is a block from the beach or it's in a downtown area. 

Yes, you can use part of your Traditional IRA funds for a down payment on a home through the First-Time Homebuyer Exception, which allows you to withdraw up to $10,000 without incurring the 10% early withdrawal penalty.

The owner doesn't really benefit much except for not having to pay a mortgage anymore?

Pretty much the same except you don't own it and would need consent to make changes.Also the owner gets all the tax benefits as they are the owner. 

@Briar Blake pretty sure if you review your management contract that emergencies will be an exception to needing your approval.If you think about it logically, it MUST be this way!

Looking to get into some smaller apartment buildings in the near future.As far as the difficulties of investing in Japan, I of course agree with everything said, but in my case I'm at near-native fluency and own and manage my own business separate from anything real estate related so even without permanent residency I've never had trouble getting a loan (except of course I can't get some govt backed ones like a primary residence mortgage) for business or investing.I'll try to get in touch with everyone local to よろしくお願いします。

The CPAs and EAs I see on BP are exceptional so make sure you reach out to and chat with a few of them too before making a decision. 

@Griffin Malcolm I have a similar situation (except my lots weren't free, lol).