Actually it could get worse, you could acquire the property still lose money.In any instance the numbers don't work for me, they never will. 

For instance, AAESW is having a Landlord Training in the fall that you may find helpful. 

Honestly, they very well may not, and I know people do these deals all the time (If you want to read up on this exact type of deal, it's called a "subject-to"deal because it's subject to existing financing).As far as your second question goes, it's unlikely you'd need a quitclaim deed unless your friend isn't the actual current owner (if, for instance, he actually has a contract for deed instead of an owner carry).

For instance there is a road in our County that you cross, anything west is USDA eligible and anything East is not.

For instance, we have one 82 unit park where each pad is 1/3 acre, which eventually, when land value increases enough, may be worth developing.  

For instance, none of the leases shows who exactly is living at the residence, or how many people can live there.  

For instance, this is my current Driving for Dollars process: 1.

In that instance, you could potentially pay off that debt sooner with a few big flips.Maybe think of it this way:Paying off debt is a 6.7% ROI for you.

So far I'm seeing it isn't dead set in stone.For instance, the rule seemingly only applies if you *need* the rental income from your first mortgage to qualify for the 2nd.

For instance, if rent is due on the first and she notifies you on the 3rd, she is supposed to be out by the end of the following month.