To your point you can get burned very badly if you cannot afford to diversify, but that's what happens when you play with fire while chasing returns.

The 'why' for me is everyone else who believed in what I said and encouraged me to chase my dream.

@Chase Beasley I'm open to rentals as well.

In all chases the lender has the right to call the loan, should you change the ownership.  

Tenants really like this because it's predictable, and it's good for you because you get the money every month, rather than having to chase tenants for a utility payment after you've paid the bills.Also, I am not sure how you would go about figuring out how to split up the utility bill between the two houses, so it would be best to sub-meter or do flat billing.If you are rehabbing the back house anyway, the sub-meter is probably a small expense relative to the overall expense, and will save you a lot of headache.  

They want to have me chase down a $30K property?  

I'm a true believe that everything happens for a reason, so may want to take a moment here to get the credit score up and find something else once you're better prepared.Sorry be a downer, but any house I've ever chased, whether Investment or personal, has not turned out to be a positive experience in the end.

I can't stand chasing people for their $My late fees are $40 on the 4th + $10/day.

Go to Wells Fargo, BofA, Chase etc and setup alerts at each of them.The MLS information can only be gotten by a REALTOR.

I don't even mind throwing in my condo my son lives in under investment assets in a portfolio loan bundle but its in a different state and my bank, chase, may not work with it.