But I don’t want to put 5k in escrow at risk if I can’t get funding.Have anybody have gone thru this situation before?

I think the only right answer is whatever the best answer for your particular situation is.

Also, I travel a lot in my primary profession so I have no issue with vacating my condo and finding another living situation (maybe a small apartment) if I'm able to develop a passive income stream by doing so.

This is where working with the right loan officer can make or break you.To answer your question, you will sign a Mortgage at closing, in which you declare that you will occupy the property for at least 12 months.I am not an attorney, and so I will never give you advice of what you should or should not do in this situation. 

I think every bank is going to treat these situations differently. 

Otherwise use skip trace to get the contact information of the property owner and other situation of the owner.  

Not only is there a wealth of information in each episode, you can pick the episodes that are most relevant to your situation AND each guests recommends a real estate and business book.

We have a potential deal in a similar situation.

The LL will most likely still not be happy, but shouldn't be able to say anything else about the situation.

and not be fully leveraged to the eye balls.. 20 to 30% equity in a buyers market is NO equity.. all the folks that think they have equity.. well if you need to sell you don't.. you probably have negative equity in a need to sell situation..