If you want to connect add me on here and I can send you my link tree that will show upcoming events with investor groups at my mortgage company.

Namely, that if a tenant (in this case accompanied by a whole family) ends up stop paying rent and I would be on the hook for both covering the mortgage and dealing with open ended legal costs and time.

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). 

Also add if you are getting any type of loan on the properties a Wyoming LLC will not make you anonymous as you will need to sign the mortgage in your name: 

I am not worried so much about maximizing it rather than that it gives me a bit; because as more of the estimated $150000 property mortgage I want to take is paid down, the numbers get a bit better with appreciation as well.

(Gas are more expensive to buy, but cheaper to operate.).

@Brandon Croucier is giving you solid info on finding an experienced and honest mortgage broker who can shop your exact scenario both ways, with the rehab and without and break down the benefits of each with all fees so you can see an apples to apples comparison. 

The Mortgage is paid off. 

I have a few properties and am also a mortgage broker, happy to answer any questions about general investing or financing options.

We have secured a home equity loan against our home (which we own out right with no mortgage payment).