My rationing is if we do a rehab, we can share the benefits of removing eye sores.

Not being able to see unit mix / expenses, etc, here is my VERY rough analysisAssume average rents are $2500/unit/mo, annual Gross Potential Rent is $270,000  (Calc as 9*12*2500)Assume an expense ration of 50%  (This could be way off, but it is good enough for a SWAG)  That would give you operating expenses of $135,000NOI then would be $135,000  (270K-135K)A NOI of $135K on a $3.75M purchase price gives you a Cap rate of 3.6%.  

I recognize you want the property to cash flow but as you've pointed out already, there were very rational reasons why you did what you did like paying off your hard money loan and credit card debt.

I don't know whether or not your ego would allow you to think rationally about my warnings (you may accept them, reject them, or worse pay only lip service to them,), but I see a very good chance that your program will lead to broken friendships and possible ugly legal actions.  

Also, my debt-to-income ration wouldn't support it.

Make sure you also have a solid “Pro-Rations” Clause as well.

The "secret sauce" is to memorize this sequence of numbers, 1073741824, and follow the 2 Golden Rules of Real Estate Investing:Golden Rule #1:  Never, under any circumstances, or rationalization, ever...spend your cash. 

This statement means nothing...unless your plan is to rationalize a bad deal by saying "I could get $175k...maybe"

Water rationing is coming! 

If you are planning to live in a unit, you may qualify for a high-ration mortgage (10% down) or as a CMHC first-time homeowner (5% down).If you are talking about true multi-unit properties (5+ units) you will be dealing with the commercial lending folks at any of the Big-5/6 banks or at a credit union.