Ultimately, you want the business to provide your "paycheck" (in quotes intentionally) rather than a j.o.b.Most folks want to eliminate debt, yes.

A partner 1. must be trusted and 2. has a right to know the financial aspects of the partnership, including who he's in debt to.

But is she can, she walks away free and clear, and that debt is cleared up.  

Our agent can't find any record of a mortgage, so it must be private money and we don't know how  much they owe.We don't much care for debt but my wife and I have enough cash to put together a credible offer.

:)Low debt service doesn't make up for overpaying.  

Rent for 450 each.  76k in debt service, and cash flowing around 750 per month.  

I got my license in 2001 and I am grateful for it every day ...now am the happy owner of several properties debt free with enough cash in the bank to quickly jump on the right deal ...

I'm a Doctor of Physical Therapy who realized that trading my time for money is never going to earn me freedom (and not even come close to paying off my student debt).I've recently opened my own Cryotherapy Clinic and it is my first true business asset.

I suppose my debt to income ratio will have to be good enough for both the rental and the house being built (even though I'd be renting it out as soon as my construction loan went to permanent)?

The major concern I have seen is Loan to value and debt to income.