Some relevant details:Located in a small, rural community2 family, side by side unitsLow cost/high rent (2% rule applies) areaPotential risks include: limited tenant base, tenant issuesMy inclination is to sell and move on, as it will take significant time/capital to get it back in good, rentable condition.

However, the CLTV or combined LTV of the two loans to purchase will normally not be allowed to exceed their typical LTV limits such as 75%-80%.

My wife and I alternate on who gets the mortgages for the different properties -we try never to put both people on the same mortgage because it limits borrowing power.  

Unfortunately, you have limited options.

Aside from appraisal, and legal, Title- Application Fee? 

I believe it is a common theme that when a lender advertises 9-12%, 9% is for the highest qualified applicants and 12% is for the people who are just above the minimums to lend on (i.e. beginners with low credit).Usually, the lenders that go down below 10% are national hard-money lenders and will not allow the borrower to put less than 10% of the total cost into the property.

We are aware of the limitations of our current app and are in the final stages of testing before releasing the next version.

I have a VERY small LLC business account (used to be much bigger 10 years ago when it was my primary income) and the online deposit limit via your phone pictures is $25k per day that they'll accept for a deposit. 

Fortunately, you can also set occupancy limits.

The people looking for rooms are limited group with limited paying ability.