Need advise on getting this funded

[Benjamin Thompson]

I have been researching bigger pockets for awhile now and would like to take "advantage" of a bad situation in order to set myself up for a better chance of future success. 

My wife and I split a few months back, and although we are working on it, in the meantime I do not need the 3/2.5 condo that I have owned since 2006 just for myself.  My idea is to find a smaller home for myself and rent this one out as it should be good for about $225 in net positive cash flow.  I bought this condo for $140,000, owe 101,000, value 122,500, conventional loan. 

I found a foreclosure (also a condo) 2/1.5 nearby that just dropped 20,000 to $55,000 (ARV $90,000) My plan was to contact a local investor who is also a real estate agent that was referred to me by a local wholesaler and have him look at the property with me and use his knowledge to decide If its a good deal or not and then of course be my buyers agent for the purchase. I don't want to waste anyone's time, so I contacted my uncle, who is a mortgage broker to see if he see's any issues getting this done, but he doesn't think he can do it.

Back in 2009 I ran into some money issues and the end result was a loan modification on my 1st mortgage, a charge off of my second and 3 collections ($15,000). In 2013 as part of that national debt settlement lawsuit with the government wells fargo "forgave" that second mortgage so nothing is owed on it. My credit score is about 700 now with no lates on anything since 2009, but he is saying that because I would be buying a home in the same area for less than the one I already own I would not be able to purchase it FHA and because Freddie/Fannie view the second mortgage charge off the same as a short sale I wouldn't be able to go that route either.....

Sorry for the long post, but I know without the back story it would make it hard to give me an accurate answer.  Does anyone have any ideas for this situation?

Thank you in advance.