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.  

Then you will be counting your losses as losses.Get out while you can, move into the next round of investing, recover your losses from this deal in future ones, and more profit beyond that....and please, don't rationalize this deal still can <fill in the blank here with all kinds of rationalizations>. 

Self-help books and others tools that help you communicate effectively should be on your study list.Focus on action but do not expect the other side to act rationally even when you believe you have a superior solution.

Don't let the excitement of get this property overcome your rational senses if/when the seller counters.