The text of the law defines "rental debt" for the purposes of the State Rental Assistance Program as the "rent, fees, interest, or any other financial obligation under a lease for use and occupancy of the leased premises". 

Talk to a lender that works with investors and they will understand exactly what you are trying to do and help you find the best program.  As

The goal is to convert the debt to 30-35 year fixed using a federal loan program as this is a long term hold property. 

FB with their years and years and years of data at their disposal could program a digital version of you that would be more accurately you, then you yourself!

We are a HomePath  approved  lender  in the Seattle area and  are well versed  in the program as well as others …thanks Dave Skow Eagle Home Mortgage 206 714 9745 [email protected]

I did not enroll in his full program as I can "learn by doing" with help from BP and other peers that I've met along the way.

I am leaning more towards the section 8 program as the applicant has more to loose i.e. a subsidized payment, required up keep of the property in compliance with the housing authority guidelines, and my belief that the tenants will stay for a period of time considering that there are limited 4 bed rooms like my place that is affordable.Davian

@Mark - your absolutely right , I forgot about that 50% program as it is so rare and under utilized- I got it mixed up with the $100 down program - thanks for the info -good to know.

They say that not everyone will get a chance to join the mastery program as they are very "selective" and are looking for people who are eager to become an entrepreneur and follow the "systems" that they will put in place for you.

My lender knows this, my real estate agent knows this, and Biggerpockets has a page on the Homepath program as well that state this.