Worth approximately $110k.The monthly payment is maxing us out but working a 2nd job to save up $$ for the rental property, but that's going to take approximately 1-2 years before i can save up enough for down payment + rehab costs.  

Sometimes the little extras can save you on the carrying costs. 

Save up, pay cash, get reliable but a good value...the best rule of thumb to live buy is put as little of your money into things that go down in value as you can...which is basically everything EXCEPT Real Estate....and maybe stocks...but basically you are only authorized to buy real estate from now on haha..I am half kidding...half.Pay off the debt, cut the expenses, save money like a crazy person and keep doing what you are doing...Live in flips are one of my favorites....even better, live in flip plus AirBNB for part of the year in a hot market airbnb market

Agreed, the owner likely just Thinks he needs to do this....no mtg, legal or tax savings reason for doing it.

This I know will hurt their tax base and she is retired. 

For the first year, save all "cash flow" in a dedicated account and ensure you keep it there for your emergency fund.

Credit monitoring saved my butt a few times.

We currently have no money saved for a down-payment on a new place, so we'd like to research if taking equity out of our current home while continuing to rent it out is a feasible strategy to get us in a new place in Rochester.

Sometimes a participant loan can help you fund an investment outside of retirement funds.

The extra cost is worth the immense time savings, and you'll get a more quality result.MANY other lessons learned, as this was my first deal.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?