Your thoughts and suggestions would be greatly appreciated.FYI: we will be still working on our current jobs with the annual household income $120k and would like to have enough money to support our two kids when they are in college in next 7-9 years from now.Thanks,Petalpha.

We will be a dual income household in January - She just got out of school.

., it is a single-family unit or condominium);AND F.     

- A 6-plex apartment complex with a ~500k price- For rental purposes, I would not occupy- This is my first home-buying ever ( I rent myself)- My credit is Excellent (750+) and salary is 100k+ range (household 200k+)- I can put in 10-15% downThanks for the help.

But if it's a 3 unit building (and not condominium units), it's extremely difficult and takes a long time (if ever, to convert to condos).  

Lending guidelines say 43% debt to income ratio, so if no other debt, a factory working household can spend $2200 a month on a house. 

You will meet with each household and introduce them to your management style and written rental agreement.

Also note: My credit is steadily going up, I will be at a 700 in no time, I don't have much of a savings, but I do make small deposits bi weekly to keep a trail that I CAN save, and no huge debt ( just a small secured CC ) aside from normal household expenses/bills.

Sorry if this comes off as blunt, but...I wouldn't get into this type of situation with a family member, unless you're willing to risk the peace in your household. 

Demographics are at least 50K town population; less than 17% poverty; median family household income 35K+; Geographic region: TEXAS, OKLAHOMA, KANSAS, MISSOURI, TENNESSEE, ALABAMA, GEORGIA, NORTH CAROLINA, SOUTH CAROLINA, FLORIDA.