Any thoughts on ability to fight changes like this or are we stuck with the outcome?  

That's why you need a mortgage broker to get on the phone with you, find out the nuances of the deal and they'll let you know the best lender for your loan.I looked at a loan yesterday; a refinance in Ohio with some hair on it. 

Not all personal trainers are fit, and not every barber has their hair on point, no brand new surgeon opened up a heart before.

Im not quite sure how D4D can ever be outdated bc you should never assume seller thinking as to why they will or wont sell or their motivation or market knowledge.That comes down to youre ability to make a connection w seller and negotiate.

Chicago has a law that the landlord cannot deny the tenant the ability to sublet.

If you have the ability to self-educate and are pretty good at handling difficult situations, then I think you should give it a try.I do not recommend buying without a REALTOR.

Assuming there is no balloon, perhaps you could negotiate the ability to walk the 2nd on your primary to another property.

We would need to open more business cards/lines of credit to do this, and also to have ability to renovate the next place as most current cards are near limit.2) 100% on reserves! 

This is 100x more true because you're a rookie.The value you bring might be in the form of capital, experience, access to deals, the ability to put in a lot of work, social media expertise, accounting expertise, marketing expertise, etc., etc., but you have to bring SOMETHING to the table--and you have be VERY clear about what that thing is, so potential partners see a reason to partner with you. 

Your cost to entry will be lower, your rate will be lower by a third and your ability to manage the property because you live in it will be way easier as well.