There is a group in the south bay that I currently with for other instruments, IRA Services.  

Since the blunt instrument of the securities laws cannot play favorites for real estate this makes most offerings of any size intractable using this exemptionQuality sponsors are still using item 1 above.  

The point being, if you are interested in investing more or do any realistic forecasting on debt you may incur in the near future, I think you would be hard pressed to debt instrument lower than where residential mortgages have been and are currently.Secondly, not to talk you out of using Sofi, I am sure they are great, but there is nothing inherently special about the rates or "no lender fee", no closing costs structures they are offering.

It is a new financial instrument for me so I hope I'm not overlooking anything.

I've never used the instrument to buy--only sell.The first and obvious question is does your option have any provision for you to market the property?

What other type of insurance instrument can be used in lieu of title?

There is an instrument called a piggyback mortgage that can cover your lower down payment - this can also be less expensive than an FHA, but avoid a balloon payment at the end of the piggyback term.

He has been very instrumental in the role of mentor and, for me, it's worth it to let him make the money on my purchases.

The tax assessor information does not show an instrument # for me to check it out on the Landmark web site for Jefferson county.

Borrower shall occupy, establish, and use the Property as Borrower’s principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower’s control.After that, you are free to house hack to the next property.