Both myself and my wife are debt free (just paid off the student loans in full!)

@Art MaydanFirstly, if this is a student rental, I would recommend that you have the parents be guarantors and sign a separate guarantee which references the lease {i posted a sample in the BP file space a few years ago}.If the parents are signatories to the lease, then they have all the rights of a tenant including the right of access.  

@Nicole Candelario thank you very much for the advice, I have a partner that was working for this company name bright prospect, they basically help students with college but he quit like a month and like 2 weeks ago, give or take but now he’s running Uber and now dedicating his time to real estate.If I co-sign with him on a quad MF property and he live in one unit and I live in one and we rented out the other 2, even if we don’t make Cashflow but cut even then that’s fine cause every other income we get would help towards our Real Estate endeavors, do you think an idea like that would qualify us for an FHA loan.

If it's in Bham (which, incidentally, is also what we call Birmingham down here in AL ;) then is it rented to students?

I’m not urged to sell, but as an investor, realistically, I would sell if I can find a good deal to avoid cap gain tax and better investment properties.

I work full time at QuikTrip and am working towards earning a business degree as a full time student.

@Nimster Win Would urge you to never disclose your private details on the Internet.The restaurant/cafe industry has one of the highest failure rates of any industry.

Coincidentally, my dad bought a commercial mixed use property in 1963 for $25K, by 1981 zoomed to $250K, and paid off by 1981, and he was swarmed by Carleton Sheets students to do a deal with him. 

Fortunately, I've never had to take out student loans or apply for a credit card in the past; unfortunately, this leaves me in the position of having zero credit whatsoever, it's not bad, it's just that I don't have any at all.Is it possible to get any type of FHA loan without credit?

The other applicant (He) has unstable low income (x1.3 rent) with about $300,000 student loan ($2600 obligation per month).