Even though a degree is gradually becoming less important, we unfortunately aren't quite there yet where you can completely opt out (unless you have serious domain expertise like being an expert coder). 

If they do not pay or stop paying, you would have to foreclose on them which can be time consuming and costly.

They can get time consuming so I understand it.

If it is the case that the rate for a 30 year would be the same then yeah, I will opt for that - I definitely see that being a better deal, though I'm surprised it is the case that the rate is the same.

I opted not to do this kind of "overview meeting", but doing it might have made what I needed to do more clear from the beginning. 

you can google this   there are 12 states that require state and NMLS registration.off the top of my head.TN  NV  OR  CA  ( in CA you have 3 choices real estate broker license , consumer finance license, MLO with NMLS.)one of the Dakotas i think ..  

The lender we used offered 3.5% if we had gone the 30% down route but it would have required a 2 week contract extension so we opted for paying down some debt.My question is this: anyone recently with a lender on a condo-tel property in the panhandle that will do 2nd home cash out refi's at 90% LTV and 3.5% or lower rates?

If you have  strong wage earning potential you might able to opt for less.  

Pain in the rear (time consuming) to remediate?

Read books, the forums, watch videos, listen to the BP podcasts, (and other RE/business related ones), work hard, avoid consumer debt, and save money.