I.E. you would have to have the income, excluding rental income, to cover both mortgages.

Mortgage lenders won't allow an unsecured loan to serve as a liquid asset for the purposes of down payment and qualification. 

Account Closed You could certainly increase the value of a mobile home by rehabbing it.You're correct that mobile homes lose value over time, where stick-built homes tend to gain value.However, be aware that mobile homes aren't considered as "real estate" by lenders, so they cannot be financed with a regular mortgage. 

The house is currently listed at $385,000 and the sellers are willing to let a new buyer assume the balance of their loan (approximately $290,000 with PNC mortgage) with that interest rate.  

Deploy your VA mortgage / house hack while you go to school, and work part time? 

Do I have any remedy other than to continue to pay the mortgage until the house is sold.

So I would recommend you start your search in two main areas :  1) "bank foreclosure sales"  These are for properties foreclosed by the banks that hold mortgages in houses where the owner is not making payments.2) "tax sales".

I've had 2 sellers ask me in the past week the following question:- Will I be able to get financing on a new house if I still have a mortgage on my old house?

Even though prices are flatlining, property is still being bought up fast.With the help from renting out other units, the price of the mortgage could be cheaper than renting.The property I'm interested in may not be there anymore.I'm interested in a property in North Beacon Hill.

Holding costs are things like mortgage payments, taxes, utilities, insurance, HOA fees, and anything else that pops up while you own a home.