The tenant must be presented with the option to mail in / drop off a physical payment.The rest of it seems pretty boiler plate and shouldn't be an issue. 

I just say 5 years so that in case prices drop or I can sell it or I want to keep it as a rental for a little while.If I was unscrupulous though, I could keep paying on it and there would be nothing that the seller could do.

Was able to drop down my monthly house expense to $ 271.68 while living in a high cost of living area Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I believe that wood has continued to drop. 

That clause often will drop important coverge after a set period of vacancy.4.

Rents are close to 1% with this approach and very insulated even if the market drops another 10-20%. 

Seeing as Vacasa got it's start in the area you are talking about @AJ Wong, I can believe that they have great expertise.Now that they have eaten up a bunch of smaller PM's, their quality has dropped significantly according to all metrics.

If the property drops another 30% to 1 million and then there’s a foreclosure you can basically buy it back for $700k by offering $1.1million minus your $450k 2nd. 

I have had deals where I was certain the # was too low, and seller just said "yeah, that makes sense, ok, what next" and without a drop of resistance it was done.

One potential way to get around it is for a portfolio blanket loan bundling up a bunch of properties, for those the minimum allocated loan amount can drop to around $50k for some DSCR lenders