Your best bet is to find a multi-family property that is mis-managed, has below-market rents, or needs to be renovated; then you can take the steps necessary to improve its performance.

Would you be forced to sell, or could you manage the property long enough to allow you to refinance at a lower rate?

This would be your total recoverable amount should you foreclose or should the borrower refinance or pay off the loan, assuming there is enough equity in the property to cover the total amount. 

If I apply to refinance my house, will the credit score be all the bank looks at?

I bet you have good pies up there.

Your best bet is to be honest and explain the circumstances.Perhaps you could talk to them in advance before you spend the money and time for the classes.

Apply the amount you get to the mortgage and refinance the smaller amount to make your monthly payments much smaller.

I discovered that, although the strategy was basically sound and works well for many, it was really not a good "fit"for me, and have since refined my long-term goals and with it, my "roadmap" to get there.Like you, I`m new to this, like you, I don`t have much money to invest, and(as a result) like you, I`m looking out-of-state, where the price of admission is much lower.

If the numbers work and the market sets the price then a 500k investment for a 2 br/1 then so be it.I agree that location, weather, land availability, and jobs(salaries) all play a roll in the cost of a house.Do I think its crazy to pay that much....you bet.

I have a client that has this program and because of the market she can not refinance .