If so, that will be an issue, unless there is a specific bank loan that keeps the note in their portfolio and is okay with the condo being non-warrantable.

However, as first-time and inexperienced homebuyers, we overlooked critical issues during the initial inspection.

They are incredibly understaffed and will view this as a civil issue. 

As others have mentioned, if you can commit to using the property solely as an investment and won't occupy it yourself at any point in time, DSCR will allow you get around the DTI/employment/income issues.

I've read some of Robert Kiyosaki's books, but I have no technical knowledge about what I should really be looking for in this industry.

My issue that I’m having trouble getting over is that down payment money is currently yielding 5.5% in an HYSA with no risk or stress.

We are all human and make mistakes.Yes, you will have the same issues when you go to sell it.Good Investing...

That's a nonconforming property, where you have fewer lenders that will bite on it so you are limited there but let's assume that's not an issue. 

If you discover foundation or structural issues these can also be expensive.I would not use a per square foot figure like, $50.00 or $75.00 per square multiplied by the number of sq. feet.

Technically on paper I do not own this property, however we are putting the property into a land trust that we will both own together 50/50.In speaking with a couple attorneys, I am getting mixed answers.