What are the opinions you all have regarding paying a mortgage (a minimal mortgage on a smaller unit) and allowing renters to rent the unit while also simultaneously renting a unit ourselves and using the extra cash from the rental (that we are renting out and own) to pay for all of the rental property mortgage and a small portion of our personal monthly rent?

Second, there is a distinct difference between "simultaneous closings" and "double closings".

I recommend only doing non-simultaneous exchanges.

Simultaneously, learn as much as possible...this is a good start.

Was it built simultaneously with the house?  

A double closing or simultaneous, as we use d them, is where the middle man acts as a buyer with the selling owner at a settlement, then the middle man acts as a seller to the end buyer, there is no assignment of a contract as deeds are conveyed to the middle man and immediately the middle man deeds to the buyer, it all happens during one settlement.The issue with these arrangements is now that the middle man has no money, the funds used were from the real buyer and pass through to the seller, that means that the middle man didn't give the consideration of his purchase price and technically didn't purchase. 

That way you will save few dollars and simultaneously stay in the high end area.

Jordan, I am a new real estate investor in the Phoenix metro simultaneously trying to get into PT school.

IF they will only give you $15,000 then have the seller carry a second mortgage for the rest at the closing.What you want to do here is a "simultaneous" closing whereby the title flows to you, the HELOC is then secured to the CU and then the seller is given the second mortgage all at the same time (you'll need to explain to the attorney ahead of time what you want them to do for you here). 

The purchase can be made and you join title after or you can join simultaneously.