@John Collins you didn’t include your dissatisfaction in your original post, which makes me wonder if you are emphasizing it after the fact to justify a course of action you aren’t comfortable with.Same answer, you made an agreement you should honor it.

To qualify for these mortgages banks will want to see your income, which they are very comfortable with pay stubs. 

Then, refinance for the long term and look for the next deal where I may be more comfortable bringing in OPM.

In some cases I may even be able to wave 20%-30% of the accrued payment, as long as tenant commits and is comfortable with a payment plan.If tenant is unable or unwilling to pay or negotiate, proceed with eviction and collect payments via collection agencies.

Almost everyone is retreating to a space they are very comfortable in. 

If potential tenants can see themselves comfortable in your property they are more likely to want to rent it.Details - Potential tenants want to see details.

So it makes sense.But, if I wasn't comfortable holding it for a couple years, I wouldn't be buying it.

After listening to a podcast where @Brandon Turner said he was going to purchase a rental property for every child he has, my Hawaii plan is long gone and I am remapping my 10 year plan.

Don't get me wrong, I personally would feel relatively comfortable in the cash out scenario that you described.

It depends on your locality and what you are comfortable with.