So, if the total payment was  2500 you would only need to cover 1000 dollars a month with your income. 

I discovered this property through an acquaintance when it was nearing the end of pre-foreclosure.

I discovered this property through an acquaintance when it was nearing the end of pre-foreclosure.

It will depend on Lender if they take Rents from Appraisal (1025) or Rents from your existing Tenants.

Get Pre-Approval from Hard Money Lender.2.

What other costs are actually there that aren't coming up in my search that don't exist when simply filing for exemption?

They exist but are far and few between.

I am continuing to make payments on the existing mortgage from the payments received from my buyer, which I am assuming is a characteristic of a wrap-around mortgage where the seller acts as the financier for the difference between the existing mortgage and the sale price.

The bigger thing is understanding that pre-approvals give you a ballpark, but your actual rate gets locked only when you have a signed contract.

So far, nothing.The point is that I believe people spend a lot of money, time, and effort protecting themselves against a non-existent threat.