@Christopher Zaone option would be to bring on a money partner with a strong balance sheet to partner with you on the deal. 

The initial sales agreement is a legally binding document that commits the buyer to complete the purchase and to pay the balance of the agreed price on a specified future date.The real estate purchase process is overseen by a notary (notario) who in Italy typically has more responsibilities in the process than in many other countries of the world (e.g. title search,).

Quick backstory, I initially planned to invest in my first rental property back in March, I had worked diligently to clean up my credit, paying off and having collections removed, bringing my student loans current, and paying off my credit card to a 0 balance throughout 2014.

Not sure if I understood this part correctly (and not having dealt much with US Financial Institutions on mortgages I may be in the dark on this) - are you stating that:(all numbers for sake of illustration):- 2010 I take out a 15 or 30 year fixed mortgage on a property for 100K; 20K down, 80K mortgage (20%)- 2015 property is now worth 200K; principal paydown was 10K on original mortgage - i.e remaining mortgage balance is 70K.

Landlording isn't  always fun by any stretch, but asking about millionaires, I can attest a portfolio of rentals does wonders for your balance sheet @Mason Anderson! 

There are less checks and balances with a single person company.  

I won't go into the values a lender must carry the asset at, that changes in time, but while it is an asset, balancing the cancellation of debt, it is in limbo of sorts, in trust of sorts to be disposed of, why they call it "other real estate" or "real estate owned" which is different than real estate held for business purposes. 

Great job building BP into a community that has checks and balances and is a trusted source for real estate investing info. 

(My balance is not getting down to 80 or 78 percent rule yet)I need to put down $500 deposit but will be returned upon closing.

You do not have to become a believer in modern portfolio theory (I am not) but you are not educated if you don’t know it exists and how influential it has become - its tenets (not tenants) literally percolate through much of what you see written in the popular press about investing, retirement strategies, diversification, etc.Statistics - A one semester or one quarter course in statistics will serve you very well all your life, and open your eyes to a deeper understanding of probability and risk.Accounting - You really do need to have a conceptual understanding of what balance sheets, cash flow statements and profit and loss means.