This is pretty clean.Scenario 2:  Your partner has owned the house for 15 years and has been taking accelerated depreciation, so the book value of the house is very low. 

if it's low and you sell, that rate is gone forever. 

A lot of what you'll see here is older homes in desirable areas and that scarcity keeps price growth high while keeping sales growth low.

Those rates would be low in my area by half .I do service work , the clock starts ticking when the truck leaves the shop and doesnt stop until the truck and men return .

Quote from @Michael Daniel: Purchase price 70k currently pulling 900 rent ARV 110 - 140k, rehab about 25k @Michael Daniel That rent sounds too low for that ARV.

Don't let the idea of a low interest rate trap you from upgrading to size/scale.

Firstly, never underestimate the power of having low leverage on your property.

That’s why you get a discounted interest rate and a lower downpayment, because owne occupant properties are low risk. 

Inventory is low and sellers won't budge.

If you want to buy your first property ASAP, house hacking (duplex, triplex, or renting extra rooms) is one of the best ways to start with a low down payment while learning property management.