From then on, you're largely insulated from exchange rate drama (since you'll be servicing the debt, collecting rents, and paying expenses, all in US dollars), at least until you sell.Also, while in theory you probably could structure an owner financing deal with a variable rate tied to the US/Canada exchange rate, you're probably better off keeping it simple and easy for a non-pro seller to understand.Speaking of which, how does that work with conventional lenders to foreign nationals?

Solo K give you ability to contribute significantly higher amount (up to $59K/yr per participant), eliminates the custodian and give you checkbook control, gives you the ability to access up to $50K in your account tax-free and penalties-free via participant loan feature should you have a need, not subject to UDFI tax on leveraged real estate, ability to contribute pre-tax or post-tax into Roth sub-account, and more.The decision to incorporate should be discussed with a qualified tax professional.

Clearly I wouldn't qualify for another mortgage now, but how much better is my position next year if I can show new income to cover 75% of the monthly debt? 

If you simply use the 50% rule based on your $1200 a month of income that would give you NOI of  $600 and then you have debt service.

But until they get the flood insurance rates and program under control, it's too iffy as flood insurance costs rising could eliminate cash flow quickly.  

If the investor's return is essentially capped at 12%, the deal more closely resembles a debt deal than an equity deal.  

BUT... my hubby & I are also in debt (cc's, cars, loans, etc- not including a ridiculous amount of student loans. sigh).

It makes the whole process run smoother by eliminating this scenario and also it helps build a relationship with the agent so when you send a deal over, the agent is happy to float it out to their investors.

I am calling all my local banks, I have a close to perfect credit score and other debt free real assets to use as security.

Also, forgiveness of Maintenance, and Late Fees, that are now $25K, living expenses, and a total elimination of mold, plus attorney fees and etc.