My one concern is liability risk. I

You should have an attorney involved so you don't miss any potential pitfalls, but if you go forward, do so knowing that this is risky.

With the price of materials today, I suspect it's a winning proposition.

It could be risky!

Sure, there is risk here. . .but risk is inherent with any investment.   

Renters will have fewer choices and will be less likely to qualify because of their non-payment history and the fact that larger corporations actually know how to screen risky renters.Any time government fixes something, it's guaranteed to cost far more than it should and is unlikely to succeed. 

Understand your value-add proposition and IRR computations, inside and out.

It helps me make better, less risky decisions.If the deal is really THAT GOOD, paying a few more percentage points on interest won't break it. 

The general consensus is it is awful risky if you don't have backup income to handle any downturns.Any savvy property owner would not put a get out of jail free clause in your contract.

It's risky for banks to offer LTV terms like that for investment properties.