There are some very specific lending programs, such as mortgages for physicians, that would necessitate a degree.  

Man completes successful loan modification of negative amortizing first and begins drawing on second.

Purchasing an out-of-state tri-plex that is 117 years old as your first property (even if a lot of work has been redone) is going to necessitate a lot more diligence on your part before you can say it's "good". 

See what they say... they probably will want more down, and a shorter time frame... say 1/2 down and 2600/mo for 24 months.Another option is some sort of loan modification.

While a metallic footprint consistent with a large metallic object present, the absence of a fill pipe or vent pipe necessitates the need to excavate the area with shovels.

With the way these were constructed this would require an extensive rehab/modification to the home.

When calculating UDFI, deductions are allowed with some modifications. 2 to be aware of are (a) deductions are allowed to the extent of "Debt/basis percentage" - which is the same ratio used to calculate the portion of income that's taxable and (b) the depreciation deduction uses the straight-line method.It can get complex so it's best to consult a tax advisor.   

While searching the county records I noticed the current seller has done a loan modification every year since the purchase of the property after purchasing with a very short term (90 day) original loan.

Another exit strategy is doing a loan modification and making the loan performing, so the UPB is important to keep in mind if you end up making the loan performing.

I went 5 years without paying and have recently started a mortgage modification program with the bank.