And they really wanted to dive into my connection to the area.Now do I know how much weight a loan committee put on each of those contributing factors?

The document clearly defines that the Second Party is responsible for contributing all monies needed to repair, maintain, advertise, market and any other expenses as well as the mortgage payments; whereas I, as the First Party, would just contribute the $12k.

I would temporarily stop contributing to your retirement account.

the agreement must spell everything out... all responsibilities, who does what, what you're both contributing to the venture etc. make sure its in compliance with current state laws. get it notarized. get a separate bank account & EIN from the one you may already have. good solid friendship or not, business is a different world. kudos,Mary 

But mainly to contribute towards my first property principle to break even when I rent it out. 

I am now 25 years old and very smart responsible financially. have a savings plan in place and have been contributing 20%-25% of all income earned for the last several years . 

I have both a Roth IRA and a Roth 401(k), to which I've made about $60k in total contributions. 

You could do a Roth conversion as you can not directly contribute to a Roth.

We are still working through our business plan.I am so excited and thankful for an awesome tool like BP and all of you members who have contributed to the knowledge share.I look forward to connecting with you all.

Get your wife out working to contribute to your house hold income and savings.