There is no requirement for @John Gillick to replace debt with new debt. 

Since you’re assuming this debt as part of the purchase, understanding the exact amount is critical.

You may not need "2 years of work history" either depending on the detailsGenerally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

Property is zoned R2-1XL so pretty sure I can only have two main water meters.

It’s just not that common even though that is one of the main things talked about. 

Though DSCR gives you a better picture of how the property is projected to perform vs debt service, you can't rely solely on one measure to make a purchase decision. 

From an internet search"Unrelated Debt-Financed Income (UDFI) is a tax that applies to an IRA when it uses debt"

The main house is original (this place was built in 1924, very cool) and we rent it for $1,650/month.

I frequently see where one party is awarded the property and debt and is mandated to sell or refinance it within a certain timeframe to have the other party removed from the note/mortgage.