there would be no way you would get financed for this given your lack of knowledge of the subject..

And compare that to simply refinancing.

Some of the comments above are simply ignorant to what lenders allow and don't.  501c3 falls in the same area as non-recourse loans for the most part. 

Whenever I speak to a group of students interested in real estate, I always stress the importance of networking and simply asking people to coffee.

Additionally, as long as you put 20% down, it typically keeps you safe in terms of cash flow, and then you simply have a couple dozen houses with tenants paying off your mortgages.

In my limited experience, HML may not care too much about your credit but they will care about your, presumed, lack of experience.  

Ended off just simply putting a carpet over it.

Finally- you can eliminate 95% of the troubles and risk by simply having professional and legal screening and management processes, so don't sleep on that piece. 

But end of the day you simply have to make a choice and hopefully do the best you can choosing wisely what works for your personal situation and personality.The Norada thread was a perfect example of investors all over the map on how they react when a note payment is missed ..

Obviously the dev here is going to be different just given the difference in geographies and an over lack of granite in the ground here, but theres an epic amount of projects going up here if you're interested in that kinda thing.