What an incredible life and still time to build a rental portfolio.As Don Said, your ticket to get that portfolio positioned in Charlotte will be using the 1031 exchange. 

You need to have positive cash flow each month.

The positive note here is I have enough income coming in from it to at least cover my fixed costs and have extra for anything that pops up if I were to have 3 vacant units until mid January to March/April. 

I only purchase value add deals personally, so I am looking for deals that will be able to perform at 9 or 10 caps within a year of my re-positioning play.

If you could somehow show the 2nd position lender that they will likely get nothing upon the sale at auction, its likely that they will negotiate.

A little background also, this would be both of our first homes, we are not married but plan on it sometime next year or so, both have good credit, and moderate salaries, and this would be our primary residence. 

I've been trying to learn about REI over the course of the last couple of years and I am finally in a position to make it happen! 

If the bottom line number is negative, it adds to your debt ratio, if its a positive number, it adds to your income.

In the few cases of 4 stars I have received in the past couple years, there is absolutely no negative comment in the review, all positive and fantastic, worse they even want to come back (not me, lol) and then they rate 4 stars.

Otherwise the current owner will be put in a very untenable position.