They may say - "pay off the second position loan in part or in full, or you don't qualify for this refinance." 

I'm trying to buy my first investment property with ~$100k saved up.My brother started his first W2 job last month that pays $45k/yr+ commissions.I plan to get a minimum wage job/an entry W2 job since I'm still in college and to hopefully qualify for a bigger loan.A lender estimated we'd be eligible for a $300k loan with $100k down, and a $2,500/mo payment on a $400k property with only my brother's income as of now.California is too expensive for us so I have been looking into out-of-state investment properties.What would be the best investing route for us to take to grow our wealth?

We're the only PPL company in the U.S. that phone-qualifies each lead, guarantees contact with the homeowner, and guarantees a below-market asking price from the home-seller. 

The cost of changing a light bulb is quite a bit more when you factor in travel time to get across town, vehicle cost, a qualified person on payroll with benefits, overhead cost for the office to deploy that person.

As a concerned neighbor we are desperate to find a more qualified owner to improve the living conditions for these residents and avert any pending disaster.

The bank won't transfer the mortgage unless they know you are fully qualified to handle it.

I intend to qualify as a REP as I have no W2 income and handling the purchasing and managing of my investment is technically my job now (i do have a handyman as I do not live in the state where my property is, I do all things related to the property other than on site repairs). 

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Typically 15 year property can qualify for bonus depreciation.I use the word typically and usually a lot because I highly recommend you speak with your accountant to get specific information about your situation.

Thanks  There ARE continuity of obligation rules that your subject to since you're considering a refinance and you're not Obligated on the current underlying mortgage (subject-to mortgage from seller).The rule states that if you dont qualify for one of the rules under COB that your maximum LTV is limited to 50% LTV for all refinances within 24 months from the date of acquisition.