If you choose to use one, disclosed dual-agency would take effect and without going into it in depth here, essentially YOUR best interests still would not be represented.

So essentially this would only be a retirement investment and not something that could be used for monthly cash flow / income.

How would the borrower execute the paperwork for the promissory note and deed of trust/mortgage?

The PMI is essentially built directly into the loan in the form of a higher interest rate.

In VT where I invest, an attorney will handle the paperwork and I believe NY is the same.  

It's essentially a document that the tenant signs affirming certain facts.

You are absolutely right, in that your 100% cash payment is essentially equal to 2-3 downpayments, generating a hefty multiple than 1 house. 

Sufficient insurance coverage is also important and is essential for those with assets at risk, esp. if not forming an LLC.

It has been on the market for a while so if anybody was interested in the deal and did an inspection on it,  here in FBX they're obligated to attach the paperwork to the property.

I would also add that in a hot market, if you are adding real, honest to God value, as in developing out a lot in your case Jay, then it is possible to essentially pay market value and still make a great return.