The most basic and logical explanation for something is often correct, but proving it can be a whole other ballgame.

The banks ive been to all tell me that "the co-borrower must occupy the house" which doesnt make a whole lot of since to me.

Let us know what you are trying to achieve, that should help us help you develop buying criteria.

When I meant by borrowing 200k was to buy a fixer upper for cheap (from a whole saler, or off market deal), and use that 200k to basically buy and rehab the house.

.- if you click on education (at the very top of the screen) that is the doorway to never ending info to get you heading in the right direction, to achieve your goals. set small goals for your self and hold yourself to it!

Ospina That was also  my thinking was that if it's a building wide issue and likely a developer problem, it'd be cheaper if we just re-piped the whole building and get a bulk rate which would be cheaper than individual owners doing it.I think the condo felt that it was only affecting some units and would be a pricey one-time levy to fix something is affecting only a portion of units.

My plan is to eventually own a few buildings to provide my retirement income, as well keep me personally involved in the real estate business.I have never owned a whole building before, but as I read books, gather knowledge, and talk to my friends that do own buidings, I feel comfortable with making this transition.  

I am new to this whole real estate business so any advice or input is appreciated!

If you look at the transaction as a whole, you took a massive deduction one year, likely paying no tax and losing tax attributes, then in the final year, you pile all of that deduction back on top as ordinary income in a year you likely have higher income....I am not saying it is a bad idea, someone who doesn't have much income will certainly want to weigh this possibility and consider their timing. 

You must make sure the coach actually does what you are trying to achieve.