Yes, I share the same feelings and dont understand why the information and steps required is SO extensive! 

This sounds like an unnecessary and potentially problematic step.

The buyer completely takes over the original loan for all legal, tax and practical purposes.

Quote from @Matt McNabb: I'm a solid $400k/yr job in NYC and have $250k to begin investing as my first step into building a portfolio, although I don't have time to be a landlord so I have to account for management fees.  

However, I don't know from a practical point of view if it's doable 2) Condo vs townhouse vs cashflow: I noticed condos  and townhouses are way cheaper in fort myers FL ( however risk of hurricanes) and maybe more opportunity for cash flow.

Sometimes less is more and just taking the step to buy one more might be better than selling your goose that laid the golden egg in the existing successful house.

The FDIC stepped in to help Chase commit a robbery.

Congrats on taking the first steps! 

I'm never in favor of government over stepping, but I can also see how desperate individuals can be taken advantage of during this tragedy. 

While the townhome is in good shape overall, it does need some mild cosmetic updates to bring it up to rental standards.My goal is to leverage this property to start building a real estate portfolio, but I’m not sure what the best first step is.