There is a good amount of square footage and it is a single family house.

It is my understanding that if you rent by the room in your personal residence that you are still entitled to the entire 250K tax benefit if you lived there for two years (regardless of whether a spare room was rented or not)And I am speaking in terms of a single family home ONLY.

I have recently opened a property management company and I am 3 months in without a single client. 

I own 3 single families free and clear their not used for income (2 vacation homes and a primary) 1st year business  gross sales 600k.

Talk to a lender and find out (probably a couple of lenders).Ask here for lenders to DM you (they aren't supposed to DM without you asking them to).Remember, lenders want to loan money - they will work with you to figure what products they have that can work with your situation.

We are both inheriting a 12 unit apartment building and each of us is receiving an additional separate property, one is a single family home and the other is a duplex.

I also have several fantastic lender recommendations with some unique products that may be of interest. 

Usually you can add additional support and fix this problem but I did run into one house where there was a single center support running through the middle of the house that was entirely rotted and the only way to get a new support of the appropriate length in would have been to take out a portion of the basement and first floor walls.

If you are the one or have worked with one that did a great job, please refer them to me.I am focusing on finding single/multi-family houses that need a lot of work in Bayonne, Jersey City (07304, 07305), The Heights, Union City areas.  

DSCR refinance are not under Fannie/Freddie products, and the qualification process is based on rental income and PITI, rather than W-2 and tax returns.