I live in NC, I'm 41, my wife is a high W2 earner, and we don't plan on touching this money for 12-15 years. 

I think Dave Ramsey(who I respect but don't worship, lol) would be highly disappointed in me for even thinking about doing this, SMH.

High yield savings, pay off debt, 401K, etc.?

Your mortgage payments may be fixed, but your taxes and utilities will increase, your maintenance material costs and labor rates for repairs have gone up, and your property is wearing out (appliances, flooring, water heaters, furnaces, roof, etc. all have a lifespan and will eventually need replaced). 

I think first off what kind of money is involved here..  1 acre prime commercial worth 500k or 1 acre of high AZ desert worth 10k..

If I were to take the cashflow I made per year and the equity capture at the buy - the equity capture would blow it out of the water in most cases.

Even in a perfect market with low interest rates and high resale numbers, and the perfect Contractors and Property Managers.....

Is it common place to call the utility companies to get information on electric, gas, water and garbage pick up?

However, it looks like to the left it connects to another room (maybe the living or dining room) if so, I would see if it was load bearing and maybe take down that wall and make it a little more open, probably put an island where that is.For the outside, it mostly looks like it needs a new paint job, fresh grass, and some pressure washing. 

Here’s a quick break down.I can’t get approved for a loan because my DTI is about 5% too high with the property.