So we kinda can't afford it. 3) just sit and save for another property? 

@Mike James GiancolaHello Mike, I would second what Trevor said about turnkey properties, and I would suggest turnkey properties in the midwest because they are extremely affordable (<$50,000).

Our background has been in health care and so our ultimate goal would be to open turn key long term home care facilities for health care professionals who have been working over 12 hours daily taking care of other people's families while missing out on their own family life.

Can you afford to carry a negative cash flow for several months if necessary? 

And, if there are any mold or health issues then I wold get them addressed now. 

They will be good people, but many will not pay like clockwork and they will not be able to afford much rent.

If you can't afford to (or are unwilling to) fix the issues that impact the health and safety of the tenants then you shouldn't have bought the property.  

I made a mistake not keeping up with rents when I had health issues.

1st off neither of us  can leverage our credit.  he has $10k to invest. i can rehab on a dime, and bring a lot of value with minimal cost.  (tools knowledge of outlets/discount materials & sweat equity)WHAT DO YOU...

It turns out that Fannie won't do the deed restriction if it is for an affordable housing loan but they WILL do it for a conventional loan.