So basically if the mortgage was $700 per month.

IMO, if you are buying a handful of high quality properties, it will be pretty easy to learn the basics of PM that you need to know to make managing a small portfolio a breeze. 

Basically you can be personally liable for the amount cashed out but not repaid at the time of default, not just give back the house. 

Basically what am I looking for in a good mortgage contract?

I'm making a lot of assumptions here, but hopefully the basic point comes through that these numbers just don't add up if indeed there is just a $75,000 average salary to look forward to.Trust me, I know all about following your dream, but I also know about becoming a slave to a dream that eventually becomes a nightmare. 

@Scott VoiersI would start with the basics and go with single family homes.

Its 15 minutes to the nearest grocery store so I try to have all the toiletries, basic first aid, and basic groceries (bread, eggs, cheese, milk) for them at the cabin already. 

Remember your MI is .8% so your actual rate isn't 3.8 but 4.6% plus the MI isn't going to either principle or interest.

Moreover, they would have a basic understanding of how real estate financing functions.

My only concern with the health share plans is it seems they all have some sort of "disclaimer" clause that basically says at the end of the day, they don't have to cover an event if they don't want to.