I still need to do a deeper dive, but the ownership structure was one of the external factors that I was thinking about.  

The biggest factors, from what I can tell, are age and rebuild cost. 

A local couple who’se combined income is 300K and who sponsored the family’s immigration to US is willing to be co-signers for the family of 5.I am thinking that Party2 will put more miles on the house and may be harder to deal with in case of any complaints or eviction, though I am not an experienced landlord so I am not sure what are the factors to evaluate or what all can go wrong?

This conveys confidence and ensures you don’t end up overpaying or taking on unfavorable terms.Negotiate More Than Just PricePrice isn’t the only factor in a deal—other terms can often be just as valuable.

You can close in an LLC and don't need to provide employment history, income or tax returns, and DTI isn't a factor.

Typically, we see anywhere from $600 to over $1000 per unit (maintenance and turn costs)  depending on these factors. 

I'm not in that market so I can't speak specifically to it, but to me the deciding factor would be what the surrounding units and area has. 

The house will need a new fence soon, so I'll have to factor that into the scenario.I'm not sure which choice is the best option for me.

An article from The Mortgage Reports explains:“The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals.

When considering refinancing, also factor in the closing costs of the new mortgage to determine if it actually helps you.