I'd recommend nothing shorter than 5 years.Regarding your specific questions:1) Yes, any competent closing agent (title company or attorney, depending on your state) can prepare the note and security instrument (security deed, mortgage, etc.) you need.2) See 1.

Where I am going with all this is, have you looked into low down payment options that you all may be able to qualify for and afford without having to use an additional financial instrument on the rental property?

Even though what you said about listening to music because its a waste of time, I couldn't get with that.  

A memorandum of interest (or affidavit of interest, memorandum of contract) is a document or instrument that summarizes the contract or seller’s breach/anticipatory breach of contract and which is recorded among the local land records.

I have found this to be spot on in my life (both in music and in sales).

Loud music and parties.

It seems as if there will be some upgrading of the units, are you anticipating a sale or refinancing out of the subject to different mortgage afterwards or is that the long term debt instrument you want to keep?

If you're not careful you can easily end up paying $200/mo in subscriptions without even realizing it (this has been the case with my partner and I, between video game stuff and music and entertainment, etc. etc...).

Now our tenants have been there for about 3 weeks and every night there is shouting, people coming and going, and loud music in their driveway which butts up against our house from 10pm - 3:30am. 

This is why it takes any culture a while to reach a level of prosperity where some individuals can dedicate themselves to music, art, philosophy or science.