Once you decide to go ahead with this plan, then you will need to decide the equity split - 50/50 or otherwise and get with a local attorney to pick up the best structure for legal protection.

Track properly and organize the expenses in appropriate categories (rental income, maintenance, utilities, office expense, advertising, legal, and another 10 other categories).

This is one of those time you might wanna find an attorney to get legal advice.But the simple answer is, you need to pay your tax bill.

I have money saved to make a substantial down payment but I would appreciate advice on how to get approved for a mortgage to finance the rest?  

Legally, a townhouse is not a form of ownership.

He is not permitted to charge for his time.Once you see the contractors fees you know what your landlord can legally deduct from your deposit.

Additionally they can legally demand all their remaining advance payment back at any time since it remains their money until used up.

If they've approved 5 of your renters, is it possible the reason you have had a month of vacancy is your fault? 

Although I wasn't particular worried about being approved, I am a bit shocked at the numbers.

Thankyou Andre for the post I called NFCU to see about a pre approval so once all that is done I’ll call my loan officer to see what we can do.