Not having experience qualifying prospects I would think that the leads you would get from here, if any, would be..... challenging. 

Alternatively, do the risks outweigh the benefits of $500+ cashflow plus 30% day one equity and less than 2k out of pocket?

I currently a flipper in my backyard in CA and am in a similar situation where I'm looking to flip out of the state.

I just don't want to go through the hassle of updating documents, filing a statement of info, etc.

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

I've spent weeks and even months dialing these things in to get the results I was looking for. 

However, if your income can't support the debt of the mortgages plus whatever else you may have (car loan, student loans, etc) then you may NEED that lease signed in order to offset some of the debt.

All the other houses on the street seem to be fine.   

Quote from @Sam Epperson: let's say I come to an agreement with the seller for them to finance some of the deal. let's also pretend the seller owns it with no debt, and we agree to 5% down, 5% rate, and 10 year balloon. how are we drafting this legal document?

The insurance company says it’s too much of a fire hazard.