What other type of insurance instrument can be used in lieu of title?

There is an instrument called a piggyback mortgage that can cover your lower down payment - this can also be less expensive than an FHA, but avoid a balloon payment at the end of the piggyback term.

He has been very instrumental in the role of mentor and, for me, it's worth it to let him make the money on my purchases.

The tax assessor information does not show an instrument # for me to check it out on the Landmark web site for Jefferson county.

Borrower shall occupy, establish, and use the Property as Borrower’s principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower’s control.After that, you are free to house hack to the next property.  

Also, if you have the ability to convert it to a form of self directed you could invest in other instruments such as private mortgage.

My mortgage + Principal + Insurance + Taxes & Condo fees = $2,144.62 ($1,719.62 + $425 = $2,144.62).The condo which is currently rented for $2750/month, so I make around $605.38 per month.I am evaluating the possibility  of refinancing (Or using other type of financial instrument) to buy another investment property.Is there any advice that you can provide in terms of using a financial instrument to buy another property?

@Ashley Brun,I recommend @Jeff CopelandJeff has been instrumental in building our portfolio. 

I'm interested in debt instruments and how I can be a fat cat too ;)Please advise.

A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that: Makes your ownership in a qualified home security for payment of the debt,Provides, in case of default, that your home could satisfy the debt, andIs recorded or is otherwise perfected under any state or local law that applies.In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender.