Have multiple exit strategies, do not be over leveraged, and make sure you are factoring market changes.

I know that something has to change and I want to explore purchasing real estate.

This place has changed my life and I couldn't be happier.

It's important to stay informed about developments in the areas you're considering, as well as any potential changes in regulations or economic conditions.

So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

What was the one book that changed your mindset and made you believe you could do this? 

I have had inspectors look at rooms on renovations that were not permitted (we weren't even doing work in the rooms) and asked that certain changes to be made to bring the room up to code (it was minimal).

Change to fit your view.  1.  

To you there was little change, you just keep paying your note but now own 123 Main St instead of 345 Side Way, and you have your equity as cash in your pocket from sale 1. 

That does not change if your rent is $600/mo or $1500/mo.