We have survived two major recessions by not over buying.

Since you don’t need cash flow from the house to survive, you can easily do 7/1 or 10/1 ARM product to save on interest cost and get your money out My two cents

Cut all extras you don't need to survive. 

It is builder grade from the 70s and will not survive the renovation. 

You would both be tenants in common and if one of you dies your share should go to that surviving spouse.

Critical thinking skill to make sense of it all might also be a critical survival skill for the future.

I have to admit I wasn't sure the in-law apartment would survive the rambunctious 5-year-old and our cat definitely wanted to know what in the world I was thinking.

Granted I hadn't been outside for 2 days--that's how I survive WI winters--stay inside as much as possible :)  If you are looking at properties, the vacant houses are even colder inside than outside. 

I couldn't have survived financially without my other business along the way, but it also held me back from faster growth in Real Estate. 

So, I looked at the worst case scenario...if I go belly up on my first investment, can I make the payment and still survive?