Hi Dave, thank you so much for the detail explanation.  

I have looked on numerous websites and have been unsuccessful.

@Storm Silva, I too was hoping for further explanation of "Master Leasing".

They asked for more evidence, receipts, pictures and more pictures, explanations on our cost calculations, etc. 

FHA will allow job gaps with a letter of explanation.

Would you all recommend keeping the property as our first rental or selling the property and reinvesting the 120k in numerous properties?

Would you all recommend keeping the property as our first rental or selling the property and reinvesting the 120k in numerous properties?

I know the real answer to your question is much more complicated than this, but hopefully this explanation helps:When you pay down the loan balance of your property faster than the loan term, this saves you a lot of loan interest payments. 

I just need a simple explanation and some examples of exit strategies so I can get an idea of what investors are talking about when they say "You GOOOTTA have your exit strategies."

that is rotten in numerous spots and the frames of the wooden windows are rotted as well.