At 20% vacancy I can cover debt service, put funds in reserve for cap ex, and still have a decent income. 

This was an awesome time to come across the deal because my debt to income was still in good standing.

When you deduct debt service “mortgage/loan” from the NOI it = cash flow..

Experienced investors have stopped borrowing money and are paying down their debts. 

I ask the bank for a loan but I'm afraid that do to my debt to income they might deny me the loan.

She does not want to mess with mortgage payments or anything like that.That part of our family can be ruthless when it comes to someone passing on vs their possessions, so we would be looking to completely remove her name from anything as quickly as possible.Ideas on options? 

I suggest you focus on your Step 1 so you'll get matched into a good residency program and then you can pay down your 400k debt :]

We both have excellent credit scores and zero debt, but not a huge downpayment.

The default amount, which is the amount needed to cure (Plus fees), leads to the judgment amount, which is typically the total debt, plus fees.

For starters I've started Clearing my debt which isn't much.