Hello, My wife and I are new to Bigger Pockets and are fairly novice real estate investors in Northern Maryland.

Rate will also be in the high 9s depending on PPP and credit.

A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

With the right resources and help, you can still make it happen.There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect.

Local banks and smaller credit unions are most aggressive in this space.

Using mortgage debt at 6-7% on a refinance to pay off higher rate debt such as a credit card at 15-25% is a savings!

This would apply to your unit.Your biggest concern with setting the rent should be the near future. 1) Your insurance is guaranteed to go up, probably dramatically.  2) You may get an insurance assessment bill to cover the CA Fair Plan losses.

(This assumes you have a credit card available to pay for any repairs.).

If It is a wholesale DSCR lender that also does TRID loans, they might require a bit more paperwork, such as a VOM, mortgage statements for properties currently owned, and credit supplements on mortgages on your credit report.

I was going to add, as posted above, it's a great rate and stick with that local credit union for the future business.