Quote from @Patricia Steiner: There are several lenders who offer low/no closing cost options for first time homebuyers.

I wish the appointment was with him... its with an attorney at his firm, hopefully this attorney has a lot of experience and gives we several legal options... not another sales pitch. 

Don't be so quick to indebt your paid off townhome until your learn creative financing and review all your options.

Will they base their calculations solely on the income from the two legal units and disregard the non-conforming basement?

My two partners are willing to pay their share, but they’ve also offered me the option to take over the property completely since the loan is in my name.Here’s my dilemma: If I keep the property and rent it out, I could get around $2,300 in rent, but my mortgage is $3,300 at a 7% interest rate.

Hey everyone,I’m Luke, a new investor based in St.

There's zero reason to do this when there are plenty of options to avoid it. 

The agent turned down a seller financing option - although it was not ran by the seller - because the agent said the seller is so done with the property that she wants nothing to do with it at all.

Your home needs to be in good shape (sounds like it is) and very competitively priced in order to have the few looking choose it instead of another option. 

Class A properties are going to cost you more, have lower cash flow, yet be more attractive to a higher quality tenant base.