So while that does not help your bills due next month, it helps in overall asset value and returns.But as mentioned, no one has a crystal ball, but things will settle. 

My crystal ball doesn't seem to work right all the time.

-It is a good area but my crystal ball is very broken for any short time frame.

If it's not too late, I would strongly encourage you and your colleague to take a step back and get crystal clear on how you will proceed as "partners."

Buy in Crystal falls or outside? 

But you may want to consult with an attorney on all of the above to be crystal clear about where you stand legally.You could also give the tenant a clean slate and just expect them to start paying rent to you after closing.

You need to learn how to talk with brokers and you need to be crystal clear on what you are looking for and confident in your approach. 

From helping you crystalize your goals and objectives, to identifying the most appropriate property/investment types to reach your goals, to property acquisition, financing pros/cons, navigating your investments from asset to asset (refi, sell, 1031 exchange, finding emerging hot spots, etc.). 

I certainly don't have a crystal ball. 

@Crystal Cea FHA loans are for owner occupied.