If you can secure a 30 year amort that is great!

Lastly, always remember that your situation can change at any time and as long as you're on top of what your options are you can change tacks and still accomplish what you want - a portfolio of good performing rental properties located close to you. 

Some companies have junk status for ratings meaning they are rated to have a high chance of default and failure.You can request business financials the last 3 years to see how they have performed and how they are trending.

Credit union is the best source of financing if you can secure it.She's asking you for a business plan basicly: monthly projection of your payments received from rent and your payments on bills like taxes, insurances, property manager etc.Let's say, you want to buy a house for $70K, update it for $30K and you think your rent will be $2K/month.Then you make a payment plan for each month what is going to be paid: January+July - taxes $1020 each; March - insurance $870, every month water/sewer $50 (if you don't plan on Tenants to pay)When you make it an Excel table, there will be each month left cash flow, which you then add with mortgage payments.That's one of the main projected financials: your cash flow.Income projected as an income&loss statement: $24,000 income from rent                   $2040 - taxes                   $870 - insurance                   $600 - water/sewer                    $2400 - PM                     $4,000 - interest on mortgage- depreciation - maintenance- other expensesWhen you talk to the bank,  they should see positive numbers, not just that you know you'll pay.

Food for thought.Another option that I have investors employing now is a combination of separating cash and debt to create an environment of lowered risk but good return using the 1031 exchange to separate debt (risk) and cash (security). 

What would your competitive advantage be using shipping containers compared with the competition using aluminum buildings with garage doors, a retail office, security gates, etc.?

The promissory note is secured against the property as collateral by way of mortgage recorded against the deed. 

He asked me for information about me (but not my social security number) and has already "approved the loan".

We are now talking to the mortgage lender (the same lender for the three replacement properties) about securing a significant line of credit using the apartments as collateral so we can do some other short terms deals with "cash purchases" then refi, etc.Are there any considerations or gotchas/ endangerment with this idea the regarding the original 1031 exchange?

That may be a bold statement, but the truth is nobody cares about the performance of your park like you will.