My underwriting has been too stringent due to my irrational fear of the next correction.

It's best to take a step back, look at what your finances DO afford, and how to make that a stepping stone, banks reward those who take smart steps and fear those who ignore caution and play roulette with their money.  

Do NOT make decisions based on this fear - it's literally verbatim what people (including myself) have thought and said in the previous two cycles. 

I really don’t know where to start but I don’t want my fears to hold me back from purchasing.

Fear of compliance is a myth and it's very simple when it's explained correctly.Adam Atassi 

You confirmed that some of my fears/suspicions may be valid.

Lease option was the first thing I thought as I was reading your situation, but I'm not well-versed enough in them to tell you whether there's validity to your fears or how to address them

Most of my rentals have tenants that want to move in before we can have the place ready for move-in and this is at market rent (there is no need to charge below market rent to entice renters).In San Diego I do not fear a tech downturn or exodus. 

That has been my biggest fear - that I have my unit sit vacant for a long period of time.

I believe its not an issue until its over 51% rentals. if you can prove to homeowners that there is no reason to fear becoming non warrantable, they may vote in your favor.my suggestion is get together with other landlords in your community and work together.