While they fit the latter part, I am nervous to violate any laws. 

By analogy, this would be like having airplane passengers wear parachutes instead of focusing on what it takes to keep the plane in the air.I think a better way to protect your equity is to:Maintain the condition of your properties and operate fairly and ethically with constant regard to the lawPurchase insurance to cover any inadvertent negligence and/or simple bad luckVest title in a business entity that fits your partner, business, and tax strategyGood luck on your purchase.

However, with excellent credit,  why not just use a conventional or private lender  

I'm definitely open to learning more about the market to see where/if I can fit in someplace. 

Excellent job.

Excellent sales process. 

here ya go...good luckhttps://www.extendoffice.com/documents/excel/4233-excel-stack-columns.html

The property itself, the bones, are in really good shape (except for the piers underneath the back addition).The foundation is excellent.

However if this is purely investment (is no plans to move in after some time), you need to objectively do the math on your expected return given what you think price appreciation will be over the life of your ownership ( @Leo Kotschenreuther makes an excellent point) , weighting the risk of a downturn and your ability to continue to fund this investment, and compare that to using your 500k +2k/month to fund any other investment (Amazon stock, bonds, passive investment in a syndicated deal elsewhere.... ) We are holding our San Jose MF, but I've stopped looking for my next deal in silicon valley... property here is all priced for perfection (ultra low cap rates, neg cash flow, smells like 06-07!)

Once you have your numbers correct, then start locating properties that fit the criteria.