Furthermore, the AML rule applies to residential mortgage originators, regardless of whether they receive compensation or gain for acting in that capacity.

Remember, your credit rating will lower...so you may not be able to apply for new cards. 

I would look at how much excess cash flow is present and figure out how to apply all of that cash flow to pay down the debt on the properties to eventually refinance the upside down loans away.  

For that young person with a young family, the above probably won't apply to you, and hence chances are, buying term and investing the difference is the better choice.  

-rent out units in original duplex and in new property (except the one I'd live in). my question is: would I be able to count the income from renting the first duplex when applying for financing on the second property?

My primary strategy now is buy-and-hold but I'm really trying to apply the BRRRR lens to the process by buying distressed properties, renovating them and renting them out to help out my returns.Mistakes made in the past are vast!  

I have just started looking for a bank and applied for pre-approval for a loan.

What ever I learn, I apply.

Just call a big bank or local bank to apply.

If a property is bought in cash using no mortgage, does the owner occupancy rule still apply?