Caleb, be sure to get an Assignments of Rents document or rider executed that will enable you to receive the rental income in a default situation.

Just like how the ultra low rates have enabled "too many" people to become homeowners, its created this flood of investors who couldn't invest before to use enhanced cash flow to enable them to invest and attempt to scale.While I haven't read the book you cited, I'm guessing it started with appreciation for wealth generation, then you switch over to larger apartment buildings for cash flow for your retirement. 

Extract yourself as cheaply as possible because you aren't going to get that money back.Don't beat yourself up over it, we've all had the tenant who didn't pay on time and we let slide a little.

This would enable you to get into the property using an FHA Loan (3.50% Down Payment) with  a total out of pocket of about 7.50% Of the Sales Price. 

People are far more interested in the value and extracting what they can.

Without extracting equity out, these markets would have cash flow far in excess of the cheap markets that initially had better cash flow but historically have rent increases that may not even keep up with inflation.In general, when property appreciates the rents increase. 

Sure, you might be able to extract more value from a condo conversion, but on the flip side you are taking a significant risk, as not you have to think about and cater to the buyer, which is very different then the clients you are current catering to.Just my 2 cents.

But others will do the smaller loans, no question.Clearly you need a temporary solution while you do everything possible to repair your credit to enable a permanent and low-rate loan down the road.I assume you've already looked at options of a private family/friend lender, credit cards, or borrowing against your 401-K (this is free, you pay the interest back to yourself).Given your large down payment, you might be able to find a local bank (possibly where you bank now) that will do the loan.

2) If you can't get that dream job, get a job in your field of study that will enable you to excel and climb the ladder.3) Be frugal.

I would def say sell for another property and extract the entirety of your equity if the ROI on this property is going to drop below your target number and you can do better elsewhere.