Kyle Winston are you able to/would you want to partner with anyone who may be able to give you a larger portion of a down payment to lower the payments and find a way to split the equity given that you will be paying a portion of the rent?

It also lowers my risk and gives me more options.

As long as the maintenance was taken care of within a reasonable time frame and complied with landlord laws then you should never lower the rent or take partial payments.

If I can get a 40 year, I would take that.There are two factors here with regard to my cost and income:1 - Down Payment - The lower the better. 

@James Wise Do you agree with Josh's estimate of 15% down, or have you heard of lower?

the only sign was a patch job on the chimney in the basement, lower than the current chimney pipe.

Most such buildings are in lower class areas or of lower quality construction. 

When it comes to an inexperienced investor trying to figure out comps and value of their new investment, ALWAYS take the lower comps. 

We inspected it on site this morning.Average rent is $550 like the lower one is renting for.

I did a calculation and ended up coming up with something like $600/mo which seems quite a bit high, so I lowered it to 6% just because there is no way my math was right on that.