We’re working on maxing our both our 401k contributions while also saving for rentals...once the 401ks contributions are maxed then all our excess gap will go into real estate.

Sometimes they will take the loss or whatever excess proceeds there are beyond the 1st.In this example, if the 1st is owed $33k and the 2nd is owed $37k and the property sells for $60k at auction, then the 1st will be made whole at $33k plus foreclosing costs and then the 2nd gets whatever's left.

The amount on the letter was higher than the sales price of the house. 2 days before closing (within the 25 days of backing out incase of financing not being approved) the buyers agent came back and canceled the contract, and provided a letter from the lender which stated 2 reasons for financing falling apart. 1) Insufficient income for amount of credit requested2) Excessive obligations in relation to incomeThe buyers agent also told my agent that apparently the buyers had purchased a car 3 months before they went in for qualification and the lender didn't find that account in their credit report and thus provided the pre-qual letter. 

You maybe able to find it lower but those "discount" property managers always seem to have a way to make up for it via excess repair charges and fees.GA overall is very investor friendly but it is variable by county.

wasting your time.. 100% financing happens for well established experienced flippers.Beginners NO.you can try do hard money but of course they want 3k to have a hope of funding  deal so its not no money down.you would do much better finding a money partner to start than thinking you can do real estate with 1k of liquidty.Frankly all the no money down deals can happen in theory in practice for those with no money its darn near impossible unless your in a market that has huge excess inventory that folks are just dying to get rid of ..

The property is an over/under duplex, and we have had excessive amounts of rain in the last two weeks.

They know that most of the large items will have lifetimes in excess of 10 years. 

You would sell the house you're in and upon that sale the mortgage gets paid off and you are left with whatever excess cash there is (probably tax free from your primary residence sale) and now renting your mom's new rental property. 

There is some good information here, but as others have stated, it looks like your cash flow or lack of is due more to your investment set up, than to your PM.As a Property Manager myself, a few points:It sounded like you are experiencing excess turn over through tenants breaking the lease early - there is a way to handle that.

Due to restrictive covenants placed by lenders on other parcels, he’s unable to pay interest in excess of 9.99%We purchased the said parcel (valued at $4.6million for $2.5million, with the seller having a 7 month option to repurchase the tract for $2.975 million.