We will definitely try to refi the primary loan to reduce the monthly expenses.

The mortgage is personal property, an asset and the value of the property, while it changes the risks being under collateralized, does not mean the value of the note is reduced at the same or even nearly at the same rate of the property devaluation.It's my understanding that the ED is on the property held by the lenders, or in the process adding to such inventory.I don't think this is going to fly, if it does it will be very politically influenced, imo, as I have never heard of any similar cases.

I'd rather next year you listening to podcasts and reading books on how to expand your investment portfolio and reducing risk.

He was in a very similar setting and ended up last summer when (everything went over asking) reducing he home by about 10% to final sell and had to replace the roof.  

Unless you have a high income job and can stomach the negative cash flow each month...You can also look at house hacking something that may be a bit smaller (a semi with a basement apartment) or something like that so you can get in at a lower purchase price and still have your living expenses reduced.

There are two points in the investment process where you can reduce maintenance costs.

I have not and I imagine if you could be getting HVAC or windows for free or reduced costs BP users would be all over it.

I've thought about installing a turf lawn to reduce maintenance and increase curb appeal, but they are not cheap to install.  

So you are starting with a reduced equity position of $11k. 

My mom and aunt paid $15k for electrical work and had a home warranty been established, the cost would have been greatly reduced, if not eliminated.