Issue is that I'm looking to purchase a property with another individual living in the unit and our combined income is greater than the allowed max income..So my question is, is it possible to sign the contract myself and get the house in my name but sign a separate contract with the other individual obtaining half of the down payment/ payment for any expenses and they receive returns similar to me in a 50/50 partnership?

It has a half finished full bath and has possibly another bedroom and family room as well. 

You and probably more than half the people here have gotten in RE due to that book.  

My investment company typically purchases buy and hold income properties and it's hard not to notice the money left on the table when you make a half million dollar purchase or sale, so I decided to become licensed. 

Is there any other way right now unless you want to pay a half million for garbage?

In fact, half of multifamily Stockton seems to have been built between 1978 and 1980:).

Is there anyone you could bring in as a partner to bring the money for the rehab for half the profit? 

What type of properties are easiest to find a renter in this area? 

If you already own a personal residence then say buy a few single family rentals, you could easily use your first four conventional loans which are the easiest to get and offer the best rates and wind up with only 3 units.

Ask bluntly what will be the easiest price/terms/conditions for her to sell to the bank.