There are a few options, but before you think of paying them off...can your money make you more doing something else?

We've spoke with multiple banks at this point to get a few options. 

I thought going in that we would start an LLC but have come to learn that LLC's have very limited lending options for real estate and that our LLC would require us to file taxes as a business because there are 2 of us.

I've heard renting 3 bedrooms is a very crowded market so thats why im looking to do the smaller 1-2 bedroom options Im concerned about all the competitions and the somewhat transient nature of the city.

You might consider cutting your losses and selling it, or investigate STR options.

There may be several options for remediation depending on the state and applicable regulatory context.

otherwise i agree with the others - 50K just isn't enough...Hi Nicholas I’m starting to rethink my strategy and what would be the best option to get my foot in the door.

You have all brought up some great concerns regarding depreciation recapture and tax free gains vs tax deferrals, I think I need to zoom out and look at the bigger picture when comparing all options.

@Caleb Kim  isn't 3 boilers a bit of a pricey option? 

Sounds like a good plan - from a financing perspective, its a good idea to start researching now - for better or for worse, a lot of lenders view 1st time investors without a primary residence with a owner-occupied mortgage as a flag and might limit some options