@Paul Lucenti You are saying the rent collection is $2,075/m, the mortgage is $950/m and cash flows $1,100/m.

Then the rents would cover that payment plus the mortgage with cash left over.

Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents). 

Read your mortgage paperwork for the due on sale clause. 

Financing options do exist: hard money loans, renovation loans, and some traditional mortgages can be used on distressed properties if criteria are met.

I make around $110k+ per year, live off around $75K, have a mortgage ($1900/mo for rent, escrow, tax), around $40K in equity, and no other debt. 

I know I could have a family member co-sign a mortgage with me but not sure the best way to approach that conversation and what incentives I’d be able to offer to make it worth while for them other then their “familial duties” haha. 

Now my question is; is ~$2450 rent enough to cover mortgage of $320,000?

This allows the fix & flipper to make a little money upfront, but a lot more at the back end when we reassign the mortgage/deed of trust back to them.

The outcome was a beautifully furnished home in a prime location with a low mortgage that generates consistent cash flow.