Sh*t happens, just deal with it......

I don`t know where to start or what to do.

Also, my husband and I both work W-2 jobs and have good credit, so I'm not concerned about obtaining credit to purchase, just not sure the limit. 

@Reco T Bumpers Will do. 

Hi team,I originally obtained my Oregon RE Broker license in order to have access to the MLS and to be able to run accurate comps for my investing purposes - not to assist people in buying/selling property.

You can follow along on our Youtube Channel Show: Our 2nd Greenwich Fixer Upper;t=1s

Private money loans can even be obtained on day 1 of closing collateralized against the equity in the home you pucrhased, assuming there is some.  

After 5 years the borrower couldn’t obtain financing to make the ballon payment.

You should run numbers on both a mortgaged property and a property paid with cash for COCR purposes.As for rule of thumb, many investors would like to leverage their ability to obtain mortgages and start with a lot of units, versus dumping all working capital into one unit and not being able to make further moves until its regained (which could take years).It sounds like you don't have a single property -- I'd recommend running numbers and taking the plunge on a mortgaged property, getting some experience and operational protocols in place, and then expand from there.

The goals I didn't hit included a monthly income passively that I wanted to hit and obtaining my first multifamily.