We’re working on maxing our both our 401k contributions while also saving for rentals...once the 401ks contributions are maxed then all our excess gap will go into real estate.

Sometimes they will take the loss or whatever excess proceeds there are beyond the 1st.In this example, if the 1st is owed $33k and the 2nd is owed $37k and the property sells for $60k at auction, then the 1st will be made whole at $33k plus foreclosing costs and then the 2nd gets whatever's left.

The amount on the letter was higher than the sales price of the house. 2 days before closing (within the 25 days of backing out incase of financing not being approved) the buyers agent came back and canceled the contract, and provided a letter from the lender which stated 2 reasons for financing falling apart. 1) Insufficient income for amount of credit requested2) Excessive obligations in relation to incomeThe buyers agent also told my agent that apparently the buyers had purchased a car 3 months before they went in for qualification and the lender didn't find that account in their credit report and thus provided the pre-qual letter. 

@Andrew Caldieraro there is a lot of stuff that goes in buying a multifamily property and specially out of state ,I would suggest you to invest in yourself before you invest in any kind of property otherwise you could end up loosing your money.I am not trying to scare you away but this is the fact and it is a team work because multifamily is different from single family.

I have already loosely mapped out a strategy, and am doing my due diligence, so please don't think I'm asking for someone to tell me what to do bc I'm too lazy to do my homework..

You might loose some sleep over it, but if you stick with it, the returns will be great.

I would assume you spent extra money on this mirror so you could attract and keep a quality tennant and would hate to loose out and have to pay to have a vaccancy and find a new tennant.  

This would get you back some of the money without a 'get out' signal.The following year I'd go to $860.3rd year is $9204th year gets you to a $1000.You need to consider if/when your tenant CAN pay that kind of money.If you don't think they are willing or able to pay $1000 in the future AND you can truly get that NOW, cut them loose.

If you just go and buy the cheapest one ( on a dollars per share basis) with the highest dividend I promise you YOU WILL LOOSE MONEY. 

We’re a few weeks away and tying up loose ends.