All the tut-tutting is not a useless exercise, but this forum is about the free exchange of information.

Of course my other option would be to simply use the equity in my first house to buy my third as conventional but I want to exercise the refinance option from above first if I can.

Any attempt to make a mechanical procedure that is one-size-fits-all would be an exercise in futility.

I enjoy taking potential deals and sizing them up as an exercise, I think it's a good way to practice analysis skills and sharpen your eye.

In addition to real estate, I spend my (limited) free time traveling, photo/videography, with my dog(Whiskey), reading/learning new things, play soccer weekly, exercising, and now apparently house/yard work with my new home. 

However, if there are only 10 years left on the lease, you may have to re-rent the place at the end of the lease, if the tenant does not exercise its option(s); in which case the physical condition becomes important.  

I have also listened to every single BP podcast while I've been driving or exercising or sitting around.

Just to complete the exercise.  

The danger then is that after you take the property back at auction or you bought it at auction, the borrower then exercises his right redemption and takes the property back from you.

They look good to me.I find the exercise of thinking ahead to be useful but my plans rarely turn out as I thought.