Worst case, once a year you call your borrower and get verification, or have to be proactive and help them find affordable insurance.2) The borrower stops paying.Solution: a) Modify the note, perhaps add time to the note and lessen the payment. 

I can do many rehab jobs but I don't know anything about structural stuff (so I hire an engineering company to put their name on the line before I modify structural).

Aside from difficulty in finding renters where is the pressure coming from for you to take a loss or risk a loss by modify your lease.If you are being forced to give up potentially 17% of you annual income would it be safer to not rent to students.

Entities covered by the ADA must modify their policies to permit miniature horses where reasonable.

I tried to modify for your situation."

I feel like I'm constantly finding out different things and modifying our leases.

I modify to remove obvious provisions that are not applicable.

If so, you might consider modifying the termination fee to, say, offering them the option of putting the house up for rent NOW and if it rented by the end of the 60 days, waiving these fees (yes; I know these are still legal in Georgia IF in a lease even if tenants are found prior to end of this period). 

You can modify it for your own needs.

This general rule may be modified by some form of agreement, whether implied or written down.