There is a huge difference in taking out a 125% LTV mortgage with payments you can’t afford versus a more modest loan.

They may let a seller suffer less who carried back a second.Assuming there is an agreement for the second to cut the debt, restructuring it later, dealing fraudulently with a lender to influence them in taking a loss won't be something you want to do.

It currently intakes $3100/mo @ under market rental rates.

I say dip your toes in, take on something safe and get comfortable.

I'm still currently in the voracious researching/learning phase and I am very interested in taking out an FHA loan to potentially pick-up a tri- or fourplex as my first investment.

I might be the worse person to give you advice on this but I have often and still do get myself into situation where I don't know the end result but I'm a firm believer in taking massive action, solving problems and making it happen.

There's quite a few of us from WA state and they will probably chime in. Take

Banks are primarily interested in your ability to repay the loan, as they have no interest in taking control of the collateral offered, and if you can't prove a secure stream of income you are going to have to have a very large equity position in the property such that the bank would stand to make money either way and would have your equity as collateral against default. 

Be sure to set up keyword alerts for "Columbia" and any other things you're interested in. Take

So congratulations in taking action.