After seeing several "market crashes" of varying degrees, an experienced lender will not lend 100%..particularly on a non-owner-occupied investment.

Also realize that the taxes on the unit that you are basing your purchase on - are the current owner's taxes.  

The owner bought it for cash, so no mortgage.

The property owner should be on the W-9, so they receive the annual 1099.

I read some where that I could sell the house to a 3rd party if I do a double closing and pay the owner what is owed to him and take my profit at the same time.

Owner is just done with them.

He said that he did NOT have it listed yet because Fannie Mae (the owner) was remodeling it before listing. 

Rise48 may offer Spark a 90/10 split (better than they offer direct investors) and Spark's carry may net you ahead of what the Rise48 direct investors get, but it is something to understand.The questions I would ask in this arrangement:-Who is the actual owner and operator of the deal?  

The other site that ends in /landlordbookbonus (which is where the audio book said go) downloads the material but an error messages pops up when you try to open.

Do we, instead, put as low a down payment as possible (owner occupied financing) and buy several cash flowing REIs to cover as much of the new higher mortgage as possible, using the chunk of equity from the sale of the SFR?