Lenders will want to see your ability to manage the mortgage and any other expenses related to the rental.3.

This makes the monthly payment more manageable while still giving you the option to exit the deal earlier.4.

Any thoughts on if this might be a smart decision or if I should just rent equipment and write-off the costs?

Husband and I are considering buying his parents' home and I have some questions about this and would love any feedback on how to minimize hassle and our costs.

Make sure you have a downpayment, closing costs, inspection money, as well as six months in reserve savings.

I would avoid the city at all costs but the areas around Newark are very lucrative for rentals.

Do you know reno costs and where and how much you should pay for the prop? 

IF you are planning on living in the house (or part of it), you can buy with as little as 5% down, but you will have to get mortgage insurance which will cost you in the long run. 

To enhance your real estate investing knowledge, consider reading books like "Rich Dad Poor Dad" by Robert Kiyosaki, "The Millionaire Real Estate Investor" by Gary Keller, "BRRRR: Buy, Rehab, Rent, Refinance, Repeat" by David Greene, "Set for Life" by Scott Trench, and "The Book on Managing Rental Properties" by Brandon and Heather Turner.

This will help you buy and manage larger deals.