However, my contractor just happens to own a 3 or 4 unit on the next block and he said he's managed to keep students in his rental rotation fairly easily. 

so many possibilities.If she is not on the LLC as an owner, she should be OK, although, if You are sued, the strain on your marriage may end in divorce anyway.

If you need to buy using FHA, and owner occupy,  your finances are already strained - in the context of such a big purchase - and with a large PI and MI, can you afford to build solid reserves? 

However I’m straining on how exactly I’m going to fund this hair-brained idea of a business .

You have to think really hard about this friendship and is it worth the strain.

It hasn't failed but the portfolio lenders have all said they require it to be repaired prior to doing an appraisal.I did get the property fairly cheap and the seller said he is under financial strain so selling is a priority for him.

This really strains me financially, so I have decided to sell this condo and buy another type of property.After i joined this blog, it came to my mind that i can buy a multifamily or home (townhome) with finished basement, where i can rent part of the property. 

I would think using a savings account or using a variety of cd's and rotating them over.  

Perhaps okay for a single, but for a father with other outside activities, HD is a major interference with life.I tried to get a specific evening excluded from my shift rotations and they said no. 

There is mold and mildew and different types of strains so more harmful than others.