Instant negative response to that crap.

If your mortgage is $1,800 a month, on average you'll need to put $300 in your checking account ($1,800 - $1,500 above) to make your mortgage payment each month.Some months will be better, others worse... you can play games by not allocating for vacancies or CAPEX but they'll just burn you harder when they do hit.Also note, the 50% rule has Property Management baked into it... if you take on that 2nd job you can save 10% which would be the $300 negative this property appears to be.  

Don't burn out.2.

You could do some driving for dollars with your 300k see who wants out of the next roof replacement etc...a burned out older mom and pop LL would be ideal.

they like the idea that they can play their music loud and burn a fire in the fireplace without their neighbors calling the police. 

Translation, only buy undervalued properties and you make instant equity by taking ownership of the property.This sounds to me like you are looking for a way to pay at or near full retail and figure out a way to make it cash flow with the interest only financing. 

You all hear enough about SF from me, who else has been burning up the market with SF deals.......I love to hear about good commercial deals!

I thought I'd ask some of you that may have benefitted or been burned by such products.Thanks in advance!

Then Ordinance and Law coverage: this will add extra coverage limits to the Building property coverage value: the idea is lets say you have an older house that your flipping that burns down but, to replace it as it was would be in violation of the cities ordinances or zoning or codes, it provides the extra cost of modernization and legalization of your project.  

The burn rate has to be very high.