With this route you can purchase a turn key property and expect to lease the property immediately or purchase an existing rental from an investor that doesn't require rehab and has strong numbers. 

I frequently see where one party is awarded the property and debt and is mandated to sell or refinance it within a certain timeframe to have the other party removed from the note/mortgage.

Quote from @Gene Jung: Hi,Assume there is no cost for mortgage requesting for my lender.

It is increasingly more difficult to pay of even one mortgage when you are cashflow negative, let alone multiple.

For southern states, you might want to look at smaller markets in Alabama, Mississippi, or parts of Tennessee and Arkansas where properties are still affordable and cash flow potential exists.

Current rents are at $900 each unit =1800 once we refinance to a mortgage the mortgage will be from 2400-2500 total.

The rent from this property covers the mortgage.

Btw, you should really consider getting a mortgage on your primary.

@Jae Jun: Although the conversation has changed much, and toned down regarding proposed restrictions, the plan from jump has been to allow anyone with an existing STR, so far defined as a place that's been rented STR at least 2 consecutive days in the last 6 months, to get a permit and be grandfathered.

I ask because we only buy houses around the southern US (TX,OK,AR,TN) but we're curious to know if more opportunities to buy foreclosures could potentially exist in other markets.