Just a few additional words of encouragement.

If our analysis shows that we can cash flow the property we'll make an offer to take it off his hands, spend $ to improve, and then cashflow it.  

Additionally, consulting with a financial advisor experienced in international real estate investments can provide further guidance tailored to your situation.I may also be able t find a lender besides a local bank!

There is more to the formula on how much you can bring in, assuming you're self-employed.If you're an S-Corp, you can do the 23k as an employEE, then an additional 25% of your salary on top of that, with a maximum of $69k total. 

Anything not actually apart of your main house (or a basement that is below grade) is considered Additional Square Footage and will have a fraction of the value per sqft as compared to GLA. 

Many never bother to even get their licenses.A couple additional pros and cons:1.

If you are buying a 2 unit building, especially if you are planning to buy additional investment real estate your best bet is to work directly with the smaller banks/credit unions in your community if that's where you are purchasing or in the area where you plan to buy.

@Greg Hammond If you decide the property is no longer worth holding on to and you decide to sell, in addition to the capital gains you want to consider depreciation recapture as well as any closing costs and commissions.

Unexpected Costs: Real estate has a lot of additional costs that aren’t always obvious.

@Albert Bui @Carlos Valencia There is no offset when you live in the 2-4 unit remember its a full HIt to your monthly PITIA and yes you can use the rental income but only as an addition to your qualifying income, you're still taking a FULL hit on the PITIA.Its only offset when you vacate or move out or it has already been converted to a rental (pure investment/non owner property).