If only one out of my 40 tenants is not paying where is this big crisis they are trying to avert?  

from what i am seeing in the market is a first time spec bulider simply will not get a vertical loan..

Vancouver is already the second least affordable market on the planet (next to Hong Kong) with housing prices average 11+ times household income.While it is likely the market in Vancouver will not post the year-over-year price increases in 2015 that it did in 2014, the reality is that prices need to start declining (or incomes increasing dramatically) to avert a housing crises.Over here on the other end of the country, you can thank the Maritimes for holding the Canadian housing price average to just 5.7 times household income.  

another Texan comes to Oregon its a vertible rush of incoming texans

crisis averted for now.

This tends to keep folks happy.( hopefully averting your number 2 objections.) 

starting out you can't focus on 1 point being too high.. its all about building track record.now I personally have a few loans from other institutions of other than my commercial bank.so lets set that expectation.. full doc  long track record.. hundreds of projects in the last few years all verifiable by public records.. and at my commercial bank in SC  I am at 1. and 5.5  and only pay interest on drawn funds.in Oregon I am at 1 and 6%  again only interest on drawn funds.when I borrowed a few million from lendinghome  for some texas deals ( that were bummers never again) I was at 1 and 8 but paid on commitment. doing a vertical right now in Charleston ( these are quite hard to get and first timers probably cant get one unless they are extremely high wage earners)  but Lima one is doing this for 1.5% and 8  with a 3% rate on un drawn funds..

Find a vertically integrated team that believes in their hometown.  

A good partnership agreement will avert  any of those problems or at least give you a predetermined way of dealing with them should they arise. 

(use soft clause)I may offer to buy the real estate and split the land from the building, rent the land (lease) and buy the building with an option to redeem the land later (this is called a vertical break up which gives you a 50% discount on the transaction, while maintaining the option to buy the land later, it is a forced seller financing).