Follow it up with research.After you have studied, met connections through meet ups naturally, and got your self financial sound, start to look for investments.

And the person taking the financial risk should get the greater share of the reward.

However, we'd like to cancel the contract as interest rates have risen and it doesn't make financial sense anymore.

I support her financially, basically.

Our LTV is less than 50% ( yes no risk at all for the bank, and we have top credit score.We already paid the appraisal, environment fee, wasted countless hours etc...The texts in LOI: Financial covenants:-- Min DCR based on actual rents for the first trust deed of 1.25:1.00 based on a 25 year amortization by the end of 2018.And in the loan doc---Property is to maintain a 1.25:1.00 Debt Service Coverage Ratio, tested annually.We would not have paid the fee and sign the LOI, had he included the phrase tested annually.Please understand that the loan  will be for 10 years long, and we are very confident that we will always have fund for the monthly mortgage payment.

Does this speed up the process of taking some 'next step' ie: so what if you have 2 properties is there some strategic imperative here other than just the pure financials on the properties?

We stand to make a gain of $80k or more on her home if we sell it now (after purchasing it she knocked out a wall, got all new flooring, new paint, updated kitchen and bathrooms, etc.)

It's not a matter of if BK files for BK, it's a matter of when (the pun there was that bk can stand for Burker King or Bankruptcy, in case you missed it).There are, absurdly, about 600,000 licensed or registered mortgage loan originators in the United States.

I’d ask him to do a land contract and sell them to you on terms before I’d do a lease option .lease options suck unless your the seller. in my opinion it’s too one sided as it stands . 

(Goal is financial independence mainly via buy and hold rentals)Basically we purchased a "fixer upper" in early 2016 for $230K.