$20k is a relatively small sum, but a lender may want a significant lender fee to cover that clouded risk.I would look for an alternate method of acquisition.

Any other legal advice is ILLEGAL and may be very incorrect.Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative.

The "low rent" strategy is actually working; I am not only filling it up, but people are staying longer, and to some extent I have my choice of tenants.

Unless there is some kind of exception to the Colorado SAFE Act (like you can use a "hired" MLO) your chances of finding a lender for an OO purchase are slim.Off the top of my head Alternatives (for you and your attorney to discuss): buy the property in an LLC or other "non-person", have the lender lend to the LLC, and have LLC membership/ownership as you and your wife, with an additional member being the lender upon your demise (or other events (including insolvency, etc.))

My current investments of choice are hotel/motels and mobile home parks.While not a newbie, I still refer to BP whenever I have a question I need answered.

My FICO score isn't the greatest, are there any alternative loans out there that focus more on the value of the property then my personal financials?

@Justin Foster,Douglas is wise and has professional experience.It is my opinion that you should seek legal and financial advice from licensed professionals you hire.Seeking legal advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative.

The objective is to get out as close to debt free as possible.Other pricey alternatives but GREAT non college alternatives are the CCIM education track and ULI development education.

I can't give feedback on the other choices since I don't have first hand experience but....

But, you have to look, and not every major city is the best choice...ask our investor friends in Cali who are looking at other areas.