There are stated or no income 2nd mortgage loans but typically these are fixed term and fixed payment type second mortgages meaning the interest rate usually doesnt fluctuate like a HELOC or home equity line of credit would fluctuate (prime + margin = annual rate calculated based on a monthly basis). 

He already has his mortgage - so, a blemish on his credit really won't negatively impact him.All you could go after is his bank account and state tax refund:(

It depends on the laws in your state, the agents and clients comfort zone, as well as insurance. 

As Dan Handford stated, you could find some qualified KP's to help with the liquidity, net worth and experience part. 

I agreed with what everyone has already stated here: depending on your own circumstances.

There have been multiple revisions this YEAR alone for state regulations that most leases online will not have updates on. 

BP Forum:I am a remote, out-of-state landlord with two rental properties in the Tampa area. 

Until I had my own I just used the state long term lease agreement.

This is pretty much my response for any complaint about anything that was well stated in the lease and the tenant has agreed to.   

I'm an out of state investor, therefore when I speak to some local credit union they request I reside in the area to obtain membership.