You will survive. good underwriter looking at your tax returns will see you own the debt and the asset.. probably gets bounced.. this is what HML did pre 08 all of our loans went to buy and hold folks and we did rate and term refi.. but we were a true third party lender .. its was a great gig while it lasted my average turn on my loans was 92 days.. and the buyers not only had no money in the deal they got refi proceeds usually 5 to 8k a house and they would do 4 and a time.. now they were suppose to take the refi proceeds and put them in their reserve account.. but alas the reserve account ended up having Jets skis in them instead maybe a new car.. or that trip they wanted to take.. etc etc.. anything but where it was suppose to go.. 

You really want to focus in the early stages on the cash on cash return.

Flipping California properties 200-500 acquisition price points with normalized net returns of 15% has allowed us to capture between 30k-75K per project average to around 52.5K per project.

I would not be in the least bit concerned but if you are you should pull out all the equity from the properties.Invest it in a REIT or income fund and it should easily will double the return it is presently earning.  

I see becoming an Agent as a sacrifice of time, energy, and money but in return I get all of the opportunities that come with holding the license. 

Whether that's the buying logistics, what the returns can be with a partnership, and someone's own comfort levels or desire to deal with partners.

It appears that short-term corporate rentals (i.e. at least 30 days, but no more than 3-4 months) tend to have higher returns (principally in terms of monthly cash flow) when compared to traditional long-term residential rentals.

It's how do we prepare our tax return next year so that we actually qualify for the next property. 

If you are going to manage the property yourself then you must remember that any savings from managing yourself is NOT a Return On Investment.

If you "Borrow" $100 today, and the stock markets skyrocket, you have to "pay yourself back" for amount that the stock has skyrocketed for (which may end up being much higher than whatever return you make on real estate).