Hopefully you have a CO detector with 5 ft of the chimney venting.The last chimney a friend took down was $8k in removal & dump fees & he went direct vent.

Which states that you must fix the property up and get a CO before they sign off and you actually own the property free and clear.

They could have a co-tenant anchor clause where if anchor goes out they can leave sooner than the option periods.

Bought two rentals for cash, with rehab each property cost total $40-45k each, one is rented for $995, the other for $850, and they are worth well over $85k each, and are in an LLC in which she is a co member. 

Not only do you get to learn from their experiences, but you limit your economic risk by having a co-investing partner.Hope this helps.

@Tanner Barnes just got pre-approved for the loan with my dad as a co-signer.

What is a co-op apartment building and how does it differ in investment and rent potential from a regular ol' apartment?

I am having my mom as a co-borrower and she will be putting the down payment/closing costs.

That's the sound of the wind being taken out of my sails...The ideal scenario -- revised upon this new and disappointing revelation -- would be to have my wife take out an additional FHA loan in a year (she will not be a co-borrower on this first loan), so I think this scenario would at least allow for two simultaneous FHA mortgages. 

I found a studio in a co-op that's 400 square feet which would suit me perfectly, and it would allow me to save money in terms of rent expense ($1,450/month would turn into $600/month all in), commuting expense (I would bike the 2 miles to work and back), and general cost of living from moving out of the city.