Therefore, making the raise more difficult.

Not knowing what you're putting down or what the terms are, it's a little difficult to speak specifically to the rates you've quoted.However, the lowest rates are generally reserved for owner occupied properties with insured mortgages.  

Would it be alright to ask tenants to either smoke recreationally only in the back yard unless they are using a vaporizer [or have a medical problem that would make going outside to medicate difficult]?

Hopefully you don't have too much student debt, so this shouldn't be too difficult.

I will say that substitution of notes is a very difficult thing to do, similar and at the option of another is fine if accepted, but it's not the same investment, risk, maturity, the UBP won't be the same but that can be adjusted, credit standing and likelihood of refinancing may not be the same (a note paid off early increases the yield of a discounted note).

@Brad Kirkwood It is difficult for me to speak to the REI aspect because I am just getting started as well.  

At this price point you are likely not going to see a huge amount of appreciation and a difficult property to resale because of the value. 

Now, all of those projects are in an area of town that it is difficult to get financing with the current demographics.

This makes it very difficult to lease. 

A contractor told me that it's difficult to work in Lake Oswego because their building department is so restrictive.