Your best bet would be to find a PM position and get your real estate license at the same time.

Built in 1890, this Old Victorian was converted into a duplex in the 70's by a talented architect who made some unique and extraordinary custom design choices (read Vaulted Sunlights) that make this property truly one of a kind.

Or NV is a good choice low prop tax's and no income tax..also personally I have been looking for a summer cabin in the Sierra valley.. this is north west of Reno and one of the best kept secrets in CA. 

For buy-and-hold investors, DSCR (Debt Service Coverage Ratio) loans are an excellent choice for a few key reasons:1.

We manage our lives and finances , make good choices .

I would bet your money is gone and the agreement to invest was fake.

Your choice should align with your financial goals and market conditions. 

I would bet that the cost of the land is contributing to the $4M cost - although that does still seem high.. but I'm not super familiar with Truckee market. 

The pre-qualification letter only says they've quickly looked at your application and think they can do the loan - not good enough in a competitive market.Some listing agents are requiring the buyer be pre-approved by the agent's lender of choice. 

Otherwise, you really have no choice but to drop the price even more.