I now have 2 roommates who pay down the mortgage.

i am also a little bit concerned about renting, cause I heard a lot of cases where tenants didn’t pay the rentHow do I protect myself from this? 

Why pay $2,000 more and then run the risk of damaging the kitchen table or spilling wine on your white chair and having to pay for a replacement?

You might want to do a comparison of simply selling and paying the tax and then investing post tax dollars into whatever equities you want.

Also, if you pay your parents any profit for the property, if it is their primary residence, I believe that a married couple has up to $500,000 exemption on profit from a primary residence, I'm not 100% sure on that, but you can search for that pretty quick.If you are looking for any loans, please let me know.

I want to get a loan for $260,000 to pay off my line of credit.

I say give it a whirl and see if folks are willing to pay for your course.

Expect to put 30-40% down on the property and then consult a self-directed IRA specialist to make sure you understand all the nuances of how to manage the property and pay for repairs. 

There is 1 parking spot on the property and is being charged $50 a month (a tenant is paying extra for it).-  I confirmed the tax rate and took the purchase price as the base.- Any other information would be helpful.Thank you again. 

Lower leverage, higher rates, you will be required to pay for a commercial narrative report instead of a standard 1025 investment property appraisal.