Quote from @Danny Gonzalez: @Joshua Lanzieri  I’d recommend hopping on a call with your property manager as soon as possible to clarify the situation.

We are interested in using the equity for a real estate investment, and are looking for ideas, suggestions, or investors in similar situations.

When you invest, it is a good idea to have a 5-10 year hold horizon that you are planning for, not just looking at the immediate situation in an area. 

That would almost always be from the same lender who has a 1st AND 2nd on the property and they are just fed up with the owner and are taking the opportunity to get out of a bad situation entirely.Sorry, it's complex enough that it isn't a 15 minute class.

The PM should be an expert on state law, and they should have policies and procedures in place to handle these situations.

Anyone had a similar situation? 

In this type of situation, they want low interest rate with low down payment also.

It feels like a bit of a catch-22 situation where the skills are needed before getting the job.

"Good about deductions" sounds a lot like "doesn't make enough money to be a homeowner", so he should keep renting from someone else, and you should do what you're going to do with the money and wisdom you earned.Of course I don't know your son, but I think this is too dicey and you are too close to the situation.  

What was described may not fit your situation at all.