If we bite off people’s heads when they admit disaster, it suppresses legitimate issues with these techniques.Just for context there is a lot of history with the OP and some of us on here going back years (like the thread I linked to above from about a year ago and several others if you use the search function with his name) with him minimizing the risks of how he was structuring these transactions and some of us being cautionary, warning him that exactly what happened here could happen, which made him defensive and dismissive. 

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Last, would either of us be less likely to qualify for the loan?

Props for taking the leap.Getting that first client is usually the toughest hump.

More importantly, these properties have much less appreciation upside which means you could bust your hump for years on a property, break even on costs, and only appreciate a few grand.You can still find cash flowing deals, but it'll take you getting properties at lower prices, putting more down (somewhat controversial), or finding ways to get the interest rate down either through paying it down or cheaper loan products.I thought I was going to employ this same strategy, but like @Ned Carey mentioned, it takes a lot of couple hundreds to replace an income.

Thank you in advance for letting us be a part of this supportive community. 

We get numerous calls based on us being out of town landlords and not having mortgages on some properties so I question the value and accuracy of many of the lists out there. 

That is what many do to get over the hump.

Trying to follow this is like watching two dolphins hump a football.Very unclear and convoluted for sure.  

Thanks for sharing — these stories help all of us be better prepared.