You have $190,000 in equity earring $7,200/year when there are no repairs and no vacancies.

One I would keep as my residence. 

We are ok with no or even slight negative cashflow since it would be a strong equity position for us if we hold it. 

I joined Pace Morby's Subto and Gator communities and worked on a Subto low equity acquisitions team, where I learned as much as I could and closed on my first few deals. 

But the manager's unit is really a 3000 sqft / 4 br / 2.5 ba SFR, and we live there as our primary residence. 

You have no more at risk than you do in your own home (where you probably have more equity.) or your own car (where you probably have more risk.) and we won’t talk about if you have a pool or a dog. 

In several communities their ordinance says no more than 3 people unrealted by blood or marriage may occupy a residence. 

If you do not qualify, you would then look into if you would qualify with renting your departing residence. 75% of the lease will be used to offset that departing residence mortgage. as you mentioned the timing of renting the place can absolutely be tricky so you would hope you do not have to do this.Finally, and I guess would be sorta of a trick, but we do bridge loans on occasion in this case IF you can qualify once you get the property rented at market value even if debt to income ratio is too high before it is rented.

Quote from @Jay Hinrichs: thats basic list one can add.Value add /  New construction / land entitlements/ Timber / Minerals/ Lendingetc etc.. far more ways to actually make money than just buy and wait for rental income to payoff debtl  Good old sweat equity still works  ;)

There is also equity pay down and the tax benefits including accelerate appreciation.