FHA should be 3.5% down for owner occupant.Seems doable if you can get 20k to 25k equity to put down.

The kitchen cabinet staining I would need to see first to make sure it is doable.

If you actually get 50% ownership for $68k total, that may be doable for someone not looking to hit a home run on cashflow at $392/mo.  

It's all totally doable.

I had to put mine in a storage lot, but it was only $20 a month so doable for me. 

Please keep looking and learning, all the while, doing everything you can to get your credit score onto a good footing (including regular SAVING - every pay day), and the do-able deals will come.

I have had a few with no personal debt, so 40% was doable, one lady was slightly over that but had no other debt, with expectations of additional income from a part time job with family, so it was a yes and she was a very good tenant.Guess what I'm saying is look at the big picture, give yourself some leeway in your policy and take the best applicant.

It is very doable.

For the financing, it'd be great to be able to buy 2 properties which would be very doable with $80k.

Now, down payment, if you lack funds for the 20%, ask if you can have 5 or 10% down and qualify with a 10 or 15% seller financed loan, since it is commercial, that may be a doable deal.