There are still some very good deals out there, some solid cash flowing properties....they just are not hitting that 100 months mark...more like 120. 

So correct me if I'm wrong but what does anyone have to be scared of if the following conditions apply in a meltdown1. youre locked into a 30 year conventional or 7 year commercial loan and the banks cannot re-appraise or call in full your loan as long as mortgages are being paid  per the closing docs2. your rents can take 25-35% cut and still break even on all mortages, taxes, and insurance3. you live in a populated and buzzing area where demand has always been heavy and unless a bomb dropped on it (yay insurance) you shouldn't have trouble finding renters4. downturn --> people lose jobs and homes or try to downsize and  turn to renting  (good thing). 5. have solid tenants that have older co-signers (parents, guardians)Am I missing something that the banks can still do to me even if I'm paying my debts on time?

When I find records like this, how would I know if they still owe without wasting my money and time skip tracing them and bothering the owner over an issue that may be resolved already?  

Instead of lying to realtors, using bogus weasel clauses, and wasting time and money on asset protection, find a mentor that can show you how to source deals.

@Albert Bui solid info!

I personally feel that it would be good for me to have a mentor or some really solid advice on what should be my first step.

Or if you want a more hands off approach look for a solid turnkey company.

Another downside is we could waste time (months) without a tenant if this company is unable to find someone who is interested or if we can't agree on a price. 

I don’t want to waste time with ”renters only” so the deposit requirement naturally sifts the “renters only” out.

Even though your payment will be higher you can do this for a shorter period of time than the 400$ payments but of coarse you may not cash flow any at that point which really sucks .personally  I don’t think this is even a good deal to be wasting time and money on given the risk involved .