My goal, over the next five years, is to utilize real estate in lieu of my current hourly consulting income, by building a portfolio of rentals.  

Alternatively, once you have a full time job (or an employment contract), you should be able to qualify for a loan and utilize a Down Payment Assistance program.

Need more information surrounding why your current lender is suggesting they cannot utilize the rental income on your investment property.

Personally, I'm in the growth phase so I'm still working to acquire more properties and utilize more leverage. 

Tenant pays all utils except water.  

I can only speak regarding structuring the deal as I have not utilized partners personally but it really can be anything that you want.

Most likely raising funds from passive investors would utilize a Reg D 506 b or c safe harbor exemption from registration.  

Adding the current mortgage and utilities would be roughly $1,350 resulting in a profit of $650/mo.

Still, we are looking for more granular data that breaks down by unit configuration closer match to the minimums set for each military, rank) plus estimates for the costs of utilities. 

.$8,981 mortgage at 7%$2,918 expenses monthly 33.38% of Gross rental income (Prop mgt, maintenance reserve, utilities, Prop Taxes, Insurance, other)$6,852 NOI/monthly ($2,129) negative monthly cash flow..Same scenario with 50% down, $864 positive monthly cash flowNot saying it's the best use of capital or the only way to do it, instead providing an example using an available market opportunity to share what the numbers look like.