Obviously that stance is different for everyone, maybe just take some of that cash flow as profit and put another portion back into the property. 

You mentioned that 7% is a large portion of long term market return, and I would agree with you.

@Jesse Jamrowski 9% would come from someone paying my principal portion of the loan.

You will be able to house hack and rent out the other unit which should cover a good portion of your monthly mortgage payment.

a business partner of mine was able to get a $50,000 no-payments for 6 months from a family friend and the remaining $187,000 needed for our portion of the loan down payment came from a business partner that went in on the deal with us!

Good morningWe have had an extenuating family circumstance and I need to cancel the sale of my property in Charlotte.This is a FSBO and I agreed to pay a portion of the buyers commission.I have already accepted an offer and recently notified the sellers agent of my intention.Am I legally able to cancel the sale?

Regarding the long-term implications of using rental properties to offset your W2 income with depreciation:Depreciation Recapture and Tax PlanningDepreciation Recapture: When you sell a rental property, you'll face depreciation recapture taxes on the portion of the gain attributable to depreciation deductions taken.

Primarily with creative terms but also general strength of buyer position has resulted in considerable discounts or investor incentives particularly with transactions involving healthy cash portions of 1031 Exchanges. 

I am also adding another bath in another portion of my house and expanding the bedrooms.

This is not a financial planning question but a simple can you afford to buy a home and how much can you afford if you can buy.You might have better luck posting in the home buying section of this site as this personal finance portion of BP doesn't get much attention.