If you are buying this all cash and planning to refinance based on the purchase price, lenders will treat it as a rate and term refinance when it comes to pricing. 

Basically are the two of us treated as one "individual" with this structure? 

This includes rental income, which is typically taxed at a flat rate of 30% unless you elect to treat the income as "effectively connected" to a U.S. trade or business, which allows for graduated tax rates and deductions. 

@Shango Collier the sellers would need to speak with a lender regarding what proof would be needed to "ignore" the payment on a property where someone else is making the payment.Or it, might be easier to convince a lender to treat the Land Contract like a lease, so 75% of the income could be used to offset the PITI.

Everyone is nice when nothing is going wrong, .. it is when things go wrong is how they behave and treat you , that matters.

Sounds like there may be active termites; seller should have to pay to treat them. 

Another thing you can do is treat your current activities as if you are an external PM.

What we find is that owners in your position can do well in a set of ideal circumstances:  the home is in great condition, they find excellent tenants who treat the property with care, and nothing crazy happens. 

I think handling the maintenance is 80%+ of a property manager's job.I treat property manager's like I do insurance. 

So far Columbus has treated me well!