This would probably allow me to qualify for the FHA loan if this is true since the giant loss is throwing off my DTI. 

Glad to hear that you have actually done a partnership like this, or any partnership in fact, therefore you're qualified to share your opinion unlike some of us who have not done a partnership and should not be allowed to comment.Despite investing through through the tech bubble, Argentine currency crisis, the shale boom, through the GFC, through global markets, through polar vortex's, through the oil drop in 2014 with Russia, there's no way I could qualify to come up with a legitimate and qualified response to such a partnership. 

With some additions, this would qualify for the OMG category, but I think they didn't have that category back then when it was on the market.

I don’t mind having skin in the game either, but I know using private money is key to scaling one day and would like to get some experience with it now, even if it doesn’t fund a majority of the deal. 

Use an agent to help you get qualified tenants and documentation in order.

You don't want them to just be financially qualified but you failed to investigate how they treated their past two apartments. 

@Joshua Piche with little experience, it's better that you invest locally vs OOS - unless you want to invest a LOT of time learning another market and networking with th right people.Locally, look for a 2-4 unit property that will qualify for FHA 203(k) financing. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

Our laws require us to offer a rental first come first served (first completed application that qualifies must be offered the unit).

Understanding the IRS disaster relief provisions is crucial for residents seeking financial recovery.Under IRS guidelines, individuals and businesses in areas designated as federally declared disaster zones by FEMA may qualify for special tax relief.

It’s a good idea to work with a qualified intermediary and a tax advisor to ensure everything is structured properly and you’re clear on any tax implications.