If you own the home in NV simply do a cash out refinance and take out a little cash to use as the down payment.

I think the biggest issues I've had in the past with other programs is that it's a one size fits all and that's simply not the case.

Did your lender present you any options for continuing forward or you simply can't get approved for a loan without being a permanent employee?

I simply budget 5% of incoming rent for maintenance and 5% for future capital improvements and manage the properties as time goes and as things come up.For example, when a tenant moves out, I will look at the property and determine if any rehab/upgrades make sense at that point.

I wouldn't enter into a partnership, but would suggest a JV agreement drafted by an experienced real estate attorney.

The only thing we are a bit confused on is he said you can simply "back out" of the deal if you change our mind...but how would you just "back out" of the contract if there is nothing actually wrong with the home?

You would simply create a new LLC and transfer ownership, incurring no taxes during the process.

And we all know this simply is not true in vast majority of cases. 

Rates will come down and homes will hit the market but you will continue to have the problem that most people cannot afford a home and the numbers do not work for investment purposes.Mortgage rates are simply reflecting a price of front running the market.Those gullible will fall for the bait.

I like areas that are very difficult to enter so there's little competition.