So to prevent wasting time, I ask wholesalers to forward some form of proof to my title company that they do indeed control the property - no luck yet in this regard.I just have to keep grinding.

Here's my rationale on why I took the leap without certainty on legal requirements and how I'll prevent having to replace them on my own dime before their 6 year expiration. 

This prevented a full inspection.

Assuming the process of bouncing the check takes a few days, I can't imagine that there would be many folks would even have the notice from their bank in time to send another check by the 5th (our grace period extends till the end of the 5th) to prevent a late fee.

Can anyone give me insight as to what the process looks like getting this guy out and any pitfalls to avoid (other than trying to prevent him from dumping concrete down the drain on his way out lol)?

Any lawyers want to chime in with suggestions on how to prevent this or at least minimize it in the future?

The cost of PMI is going to cost you more in the short run, but in the long run not having your capital is going to prevent you from actually being able to do more deals in the future and it is a small price to pay.  

The geniuses at the local cities here talk all day long about affordable housing while adopting regulation that prevents MF construction unless it's a 100+ unit apartment or 50+ unit condo/townhouse.

The benefits to it though are that it includes all utilities, property maintenance, 24 hour desk coverage, and the property does things like free preventative maintenance on units as a result.

However, some individual lenders might limit how many loans you can have with their institution (usually around 5-6), but that doesn't prevent you from borrowing from other institutions.