Eventually if you call enough folks, you'll find a property owner sick of owning the multi-family and may even be interested in financing it for you (with the house as the secured collateral).  

I have responded individually to some of you, but to the group my main goal is to pay down my student debt and eventually have the financial freedom to invest in real estate full time. 

The first mortgage was probably sold in bulk to another company and eventually they will want to get paid.So when you try to sell the property the title co won't insure unless they get a payoff from the first mortgage and whatever the payoff amount is will have to get paid at closing.

In the State of Washington a court appointed guardian qualifies as a Fiduciary Seller which exempts us from providing a seller disclosure statement, like REO.Never a dull moment as every case is completely unique!  

@Swethareddy Rachumalla is you spend the $1500 now I feel it is fair to assume that you will have to eventually spend the $4000 (maybe more) to fully replace down the line.

Start making offers and eventually you will have 1 accepted.Good luck! 

What did you eventually get into?

If they eventually sell the home to you, you should get them to sign a disclosure that you are an agent and you are NOT representing them.

I live in Houston too but I would have to depend on my W2 strength to get financing but eventually I'd be in the same position as you because my debt to income ratio will not be favorable as I pickup more units and I would need to depend on the cashflow the deal generates for future financing.Thanks in advance to the BP community for helping.

I'm looking into a space where i can put mobile homes and eventually having a small mobile home park.