My current partner isn’t as enthusiastic about sharing the building with a tenant but does see the immense benefit to having rental income to help offset expenses.

Indiana ( northwest) has been doing great rent wise and from what i hear, much more landlord friendly than Illinois:Any questions would be happy to help.

My DSCR experience is with pulling out equity after we've bought properties for cash and leased them.

hope someone can help!

This allows the new partner to share in the appreciation when the property is sold, which could help compensate for the upfront cash investment they’ll make in buying out the partner.If the current partner is open to it, you could explore a form of seller financing or a gradual buyout plan.

I think being very involved in the tenant screening early on can help mitigate this risk.

This would allow you to pull out some of that equity in the form of cash to use as a down payment for another property.

Thanks @Charles Carillo, this is helpful.

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Thank you in advance for your help!