Sam mentioned markets in North Alabama that may work much better right now than Huntsville and Madison, so I would definitely explore them. 

@Heath Sizick Sorry, forgot to mention you in my response! 

Quote from @Hanna Brown: @Jay Hinrichs  You mentioned Oregon and WA made foreclosure rescue lease backs totally illegal.

Or, as Travis mentioned, sell your primary residence and explore house hacking opportunities, which will allow you to snowball income savings to deploy into the next deal. 

If this is the case, would the original seller financing have to mention that the buyer (me) can re-sell the property at any time? 

@Shiloh LundahlHopefully you won't think I lost my mind but I agree with you disagreeing with me on the things you mentioned and I agree with most of what you wrote.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

We would have to come oop about 400-450 for 2nd HH.Also planing to use other rest of heloc for a dscr or brrr so that would possibly help as well.Would you wait until rates drop to do another HH and just buy the brrr/dscr now?

The factors you mentioned are very important to keep in mind for any investment, but I like investing in areas I know. 

I'd wait this one out until rates lower and you can refi and learn from it to buy better the next time around.