However it doesn't change the fact your name will be forever be listed on a docket and its one more thing you have to explain to banks, financing companies, employers etc.

@Kevin Romines Did a great job explaining the principles!  

If it is issued against my 401k custodian's EIN, will they do something about it, and file to IRS to explain that this is tax deferred?

@Corri GoldenIt cannot be "up to you" how much to deduct, they probably did not explain it well.

I didn't come from money so know one really explain to me how to put this together for myself.

Honestly, your best bet is to approach the previous owner and explain the situation to them and negotiate a move-out deal.

Or do you find a lender first, explain what you’re trying to do, and then start submitting offers?  

@Richard Ibeh, I apologize for not explaining better.

It is the owner's responsibility to screen and find a good one.If a property manager can't explain their processes to your satisfaction, why did you hire them?

We like to give very detailed quotes up front explaining known fees such as origination fees, any underwriting or processings fees, and estimates on variable fees such as escrow fees or title fees.