I think their general stance is going to be to go with whichever comparable property has the greatest degree of similarity in terms of (probably, in this order): location, age built, quality of construction/current condition, and square footage.

Heck, who knows maybe they’ll be acceptable. 

Depending on your state you may or may not be allowed to accept a partial payment during the process.

(Imagine if they had countered your offer at $500 higher, would you have accepted it?

I would be comfortable to some degree as this would just be a saving plan of sorts.

You would have to line up carriers that accept LLCs on non-owner-occupied dwelling coverage.

Something problematic they find that was undisclosed on your application (not saying you'd do this, just giving an example), title issues, entity issues, issues with the appraisal even if the value is acceptable...you can either bite the bullet and pay for the appraisal, don't move forward with the loan, or try and find a HML/PML willing to lend to you without an appraisal. 

In 2020 I graduated from Indiana University of Bloomington with a Bachelor's degree in Nursing.

We both also have finance degrees and are savvy with finances and from an income perspective we are inline with each otherSimilar to what JD stated - We have a living trust where everything eventually goes to the kids and if something were to ever happen we would sit down like adults and resolve it without being vindictive. 

I remember I use to try to convince owners to allow section 8 in the Greater Pittsburgh market because, as you said, rents can often be much higher and from my personal experience, the tenants were often better, longer term tenants because it was hard as heck to get on the section 8 voucher program and even harder to find a place that accepted it.