I want to have terms that make the worst-case scenarios very cut and dry such as if I were to have to foreclose, if the property faces significant damage or mismanagement, or if the buyer isn't able to cash me out at the end. 

Dry cleaners use chemicals that may need special cleanup after a loss for example.If the non-apartment exposure is smaller than the apartment exposure (usually judged by square footage), it may result in a lower cost than just apartments for Insurance. 

In 2013 my wife and I were fresh out of college, and I mean the ink was still drying on our diplomas, when we got pregnant with our daughter.

And the dry wall has it.  

Where were you when our drywall guys left us high and dry on our last remodel!?!

Flips seem to be few and far between mainly because investors have dried up the foreclosure pool.  

Lots of people move in from all over then depart just as quickly when the good jobs dry up. 

I work a night job as a bartender right now to pay the bills but as soon as I save enough money to keep me afloat for a few months (In case I hit a dry spell) I will be quitting to pursue real estate full time.

Or would the funding for PML / HML dry up, therefore making it worse for us? 

Maybe I should've given a little more context to this situation which I think would address most of the concerns you brought up.My uncle owns a restaurant wholesale supply business that provides supplies (dry and wet) to a lot of restaurants in NY.