I'd get an inspection and then if it has rental certs and you verify numbers are accurate of his cost analysis I'd pull the trigger.

Now in period 5 let's say loan 1 misses payment and that triggers the RLD.

I teamed up with a friend to start a real estate investment company and recently pulled the trigger on our first property. 

Be certain on your data points before you pull the trigger; especially on your first deal.

I would, however, appreciate any input/advice from other members before I pull the trigger on this property.

Since you don't currently have the capital on hand to pull the trigger on anything anyway, I would suggest narrowing your focus in your research to a few key questions.

Unless I can negotiate the seller to pay for it.Admittedly, I have cold feet, but I am going to force myself to pull the trigger soon. 

My partner and I were just about to pull the trigger on this deal when we found out about this company while we were trying to find mobile home dealers we could possibly work with to get the lots filled.

I'm ready to pull the trigger ASAP if the deal is great!

Yes, but with a mortgage, even though it is not technically a sale, a lease could trigger a due on sale clause that is written into most mortgages.