If it's on your credit, you are on the hook for it.However, it shouldn't effect the loan process too much, a simple Letter Of Explanation should be able to get the job done with the correct investor. 

With all the resources available today to research and learn about the industry, I’m surprised this “easy money” mindset persists.To me, real estate is far from passive or simple.

No kidding this is as simple as it gets.. just advertise that you accept shorter term leases and riase your price.. we have been doing it in Vegas for years..

Often, lenders will not act until the differential between current interest rates and the interest rate on the subject loan reaches a certain point.  

Here's a breakdown on loan options to consider:FHA Loan: @Brittany Minocchi is right in looking at FHA option.  

I do not trust her, plain and simple. 

The simple reason is that you cannot even tell debit cards from credit cards without a special software.

This is simple to understand.  

@Cody Caswell there's several things to ask about here that might not be answerable in a forum:- Why do you need an FHA loan?

What are your Loan terms and P/I relative to the cashflow after taxes?