I'm at the beginning of my investment career, fresh out of college and pretty heavy in debt at 7% interest.

I’ve often seen this happen where initial approval is given, but debt-to-income issues arise once they discover you’re purchasing another property.

. - The money partner doesn’t need to worry about the financing or keeping the debt in their name which may reduce risk for the money partner.Long-term tenant to reduce turnover.

With your Fico and down payment, all you need to do is make sure you pass the debt to income requirements. 

Quote from @Kevin Sobilo:Monthly Rent + Monthly Debt Payments <= Gross MONTHLY Rent * 45% Obviously I made a typo.

Quote from @Joshua Piche: Im looking to move out this year and house hack my first property I’m 24 debt free still living with my parents .

They're the ones working with those agencies on a regular basis and have the best referrals.As far as recovering the debt, try leveling with the tenant as much as possible so they grasp the seriousness of being sent to collections.

DOS or more commonly known as Event of default.Alienation of title is an event of default in most all debt instruments not usually located in the Note its in the mortgage  deed of trust etc.And along with other Events of Default  IE non payment of Insurance or tax's or waste these all give the lender the right to Accelerate the note but not the obligation..

You can then get financing either through refinancing the entire debt stack or getting a second mortgage with the same bank that did the first mortgage.  

From all of that data, it's abundantly clear to me that any rental that has debt doesn't really cash flow.