While your age limits what you can legally do, it shouldn't be holding you back in terms of real estate.

It is up to the user to know and understand the limitations of each so they can apply them effectively. 

A few months later, an out-of-state bank wanted in on the market and offered a special "lifestyle loan" program to those with a solid income who could afford the monthly payments (it ignored debt-to-income ratios).

I prefer outside the city limits and SECO electric service.

In general, if you had net losses from your schedule E rentals (and were not a RE pro), they would be limited to offsetting other passive income only.

With this limited amount of information it sounds like he should sell it. 

I drink work coffee provided for FREE.4. limit my lunches at work to about $2 a meal.

@Riggies B tang it seems that you are not looking for a loan on the conventiknal market which would limit your LTV to 75% and close under your name(you can put it under LLC after closing) which would have the best rates.

I did just that when I began to pack my things at the meeting while he ranted and spouted his limited knowledge of landlord/tenant guidelines.

I don't bother trying to transfer them to my S Corp after closing due the limited risk of having the mortgage called and frankly not wanting to deal with it.