Debt Terms - We anticipate re-evaluating a refinance in 12-24 months, as the capital markets improve.

I couldn't understand why their credit wasn't better considering their income was what it was and their debts were not unreasonable.

Hundreds of hours spent listening to podcasts and reading books on and off during that time kept the dream alive and prepared me to take the leap when an opportunity came up.I had received my real estate license about a year earlier to make some extra money but we were hitting a point in our debt and near future expenses that I knew I had to step out and make something happen.

The lender lent based on them being one thing which secures the debt.

Here are a few alternatives to consider for your next property:One option is debt-service coverage ratio (DSCR) loans, which are specifically geared towards real estate investors.

Due to my W2 employment I cant have any bad/negative personal debt.

They have told me that assuming credit, debt, etc check out fine that I will have enough equity in the land to make the downpayment for the cabin that I want. 

Do not be surprised if you lose your entire investment and maybe more, if you have a recourse loan.On the other hand, real estate is a forgiving asset class.  

Cancel bad debts.

Hearing your story It is definitely worth to risk some cash for a much greater return in the future.Thanks for giving this insightful response.