Then I got to thinking, why didn't I receive a late notice or a call of some sort in regards to the missed payments??

Is there any sort of Fannie Mae maximum value loan limit on refinances?

Since I'm brand new to this, I will need a lot of hand holding as I sort through this process and I'm sure I might seem a little "flaky" as I figure things out, particularly in deciding what is the right deal and how the numbers work.

As Brian mentioned above though, a contract stating that the place will be marketed would allow that sort of thing though wouldn't it? 

If you are into that sort of thing, be sure to ask him about it!

Insurance is some sort of "Landlord" policy - check with your agent.You'll also be on the hook for maintenance.  

It will cover all sorts of aspects on lending from conventional lending Hardmoney private money and when it's good to use one or the other.Send me a PM if you would like more information.William Lees Jr

What sort of markets are you looking into?

Be sure to communicate with the tenant and try to come to some sort of an agreement. 

So, for a quick background on myself, I am a recent college graduate living in Atlanta, GA, currently working at a marketing agency full-time, but have become extremely interested in pursuing some sort of real estate investing.