Cash flow is dependent on your Debt service.

Is the silent partner in an equity or debt position? 

Depending on your credit and debt situation, 4.5% right now is not a particularly good rate for an owner occupied property.

Also, you will have to file 990-T every year that you are collecting rent on the portion of rent after expenses attributed to the debt...look up UDFI but you need a tax guy for that as there is a formula.

I would offer 87% of that price and out of that pay all debts and liens to get a clear title on the home.

really as simple as that.now there are credit card schemes some will charge you money for .. that get you to all at once grab a bunch of credit cards that have teaser rates of 0 interest with the idea that you can flip before the first payment comes due... but getting a bunch of credit then maxing out the cards will crater your score.. so be careful there and if you have an issue with what you used the funds for you now have a bunch of consumer debt at high interest that could bury you.. so be careful.. there are no Zero % loans and for most starting out its even hard to get a HML.. which will be 16 to 14 Apr with at least 20% down plus points and fees

We have school debt, and a car loan, but otherwise no other debts.  

Some credit card debt (will I need to pay off completely before getting mortgage?)

The buying power of your capital is much higher when leveraged with debt.

If you can prove your properties are stable and significantly cash flowing, it could be enough to get that loan; especially considering that you have no other debts from the sound of it.