The building was gutted down to just having a floor.

Just toured the house today and it was in better condition than I expected.

@Casey Hamptondon't partner - too small, too complicated.you should both just save up to afford your own individual house hacks.

It's just not a deal killer in most situations so if you like everything else about it, I'd pull the trigger!

Just like any business you might bring in $100k but have $50k in expenses.

Not to be pessimest, but just because I read a few health books does not make me a doctor, nor does reading a book on history make me a historian.This business is not easy. 

Before you say 'you should have the money to get into a contract' I normally wouldn't be in this situation but I've just closed on a property that was all cash 2 weeks ago and a friend calls me on a property that's truly an amazing deal that I want to get into contract (has stable tenants renewing contracts above market, I can get for under market).

A good question to ask yourself is; why don't they just get a loan from a more traditional lender?

Just.

This is a great point, I would strongly consider just selling the rental and then buying a new primary + other rental real estate