One thing to note when looking at the individual markets, you can make or loose money in any market.

Say, for example, paying a higher interest rate on the first 20 percent of the note, then dropping to the normal rate once 20 percent is paid off?

Note: that 0.85% can vary depending on the percent down and other factors so check with a loan officer for different scenarios.Finally, your monthly P&I payment is based on the Total Loan Amount (Base Loan + UFMIP) which is $176,739.75 and on a 30 year term at 5.00% this gives a monthly payment of $948.78, so about $16 more than what you have.Not sure about closing costs in TX -- here that $3K would be low. 

Take notes.

Any law against just having set principal and interest payments in a note instead of a rate and amortization?

Inspection reports are expected to note a bunch of irrelevant items, so the inspector looks like they are doing a thorough job to their client. 

Can you speak to the same banks that hold the note?

Take that hand you have pointed at the appraisers, and note that 3 of those fingers - one per duplex - are pointed right back at you.Good luck.

Loan docs are usually a deed, promissory note, deed of trust, lender's instructions to the title company, and attorney letter of non-representation. 

He also doesn’t know or understand flipping, wholesaling, note investing, or even other commercial real estate investing.