Because the economy is booming, and many people are fat and happy, banks are taking risks again.

@Gene Hacker I believe that's the move I'll have to make. 

I'd recommend Gene Trowbridge of Trowbridge Law Group LLP in Lake Forest, CA or Jeff Lerman of Lerman Law Partners, LLP in San Rafael, CA (https://www.realestateinvestorlaw.com/).

The aim for this (besides a big fat profit) would be that this would provide far more living units for that property. 

With respect to item #1 don't just focus on the expense side and trimming the fat; focus on ways to increase your income. 

.: Learn financial literacy and personal finance principles (one great book is I Will Teach You to Be Rich), educate and invest in yourself (BP has tons of great books to read, I also recommend listening to all of the Real Estate Rookie podcasts for the past year, if you have other career aspirations w/ real estate on the side, be sure to do well in school, apply to community college, and do your gen eds, or go to trade school, whatever the case may be), get a job and income (you might look into something real estate / construction related to network), open a secured credit card when you hit 18 to start building personal credit, go to local meetups / networking events for real estate, learn to analyze markets and deals, learn about creative financing and partnerships, and then, strike!