That's the sound of the wind being taken out of my sails...The ideal scenario -- revised upon this new and disappointing revelation -- would be to have my wife take out an additional FHA loan in a year (she will not be a co-borrower on this first loan), so I think this scenario would at least allow for two simultaneous FHA mortgages. 

The owner had no kidding left for a round the world sailing trip and was off the grid for weeks at a time with no phone...

These could potentially be smooth sailing.

It really takes the wind out of the sails of RE investing to have to deal with this.

Make sure your Articles of organization have this in place. some say partnerships are the only ships that wont sail.

Don't assume there will be smooth sailing right after you buy a rental - often times there will be sins of the previous owner that you have to pay for.If I were you, I'd find another job and pursue the duplex deal in the meantime - and whatever you end up buying, make sure it REALLY looks good on paper, because there will always be unexpected problems to deal with.

Sailing the greek islands(Yes, I have literally had all of these).They will take your place sight unseen, just let them know your address and they will have their dad / brother / agent / send you a certified check.  

We both love water and boats and plan on sailing once retired and eventually sailing around the world.  

He is actually getting ready to sail from Panama to Hawaii and then head back to the SF Bay Area to deal with this.

You've reached critical mass when you wake up in the morning on your 40' plus sailboat on the intra-coastal waterway and the only decision you have to make that day is whether to sail north or south.From Robert Ringer, author of "Winning Through Intimidation".