Your experiences (totally anecdotal) are yours, but regardless, if the OP takes your advise and HIS lender does elect to accelerate the loan, the HIS experience becomes fatal.  

The universe itself would want you dead, want to destroy you as you would represent anti-matter to it and lets face it you are a dependent being by the fact you are a mere human being made of the very essence of the material in the universe in a very limited fashion, meant to come and go, serve and meet your end but you do not understand this so you feel you can be your all independent of the world around you and in fact you are against your very essence.

If you elect to go that route, GET AN ATTORNEY to draft the documents - - there will be more than one required.

@Kerry Mertz, meant to tag you in my first message.

I've been focusing more on multi-family properties however.What I meant about rental potential is that it is a military town, so there is a steady stream of renters with reliable pay coming through.

With Trump getting elected and his views on immigration this risk is higher.  

But what i meant was more where can i purchase a 40k home to buy and hold or flip in a grade C or higher neighborhood.

Can you clarify what you meant?

It is not a business entity when it comes to tax, so you must elect - partnership, S Corp or C Corp.

Before I got my broker's license, I used my LLC (with S-corp election) to receive commissions as a salesperson.