Assuming you can utilize the depreciation losses, then yes I'd recommend one. 

If your DTI is bad (like mine was for several years) then you’re stuck with DSCR loans with 20% down.

@Kyle LipkoRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I'm new, only been with you guys for a couple days; I connected with a couple people and then boom..

If you own the balcony (check CCRs, I have a unit where I don't own my private balcony) then it is all part of the unit.As an owner, you're on the hook for the actions of your tenant.

If you can get a note for 200K at no interest and you have completed your due diligence on this deal, then go for it. 

If she's willing, which it sounds like she is, your mother-in=law can get the line of credit with her property in her name and then you can just use the line. 

I think it depends a lot on area and price point with $7k monthly rents I rarely spent more then $3-4k a year on cap/ex/maint.

(Unless it was a rental, then you have to pay depreciation recapture as well, usually at 25%.) 

Monthly payment is 1900 with a 6.5 rate and would rent for 2500.posted in another group but realized it was the wrong one Hey Keith, I've helped other clients do this sort of thing - vacating a primary residence and then pull out cash to purchase another property elsewhere.