Self-Management:Pros: Saves money, offers control, and builds tenant relationships.Cons: Time-consuming, stressful, and needs expertise.Hiring a Property Manager:Pros: Saves time, provides professional expertise, and market insights.Cons: Costs money, less control, and finding a good manager can be tough.What about you?

We need enough money for one of the owners to purchase another home or negotiate he stay living there. 

Private Money: Does anyone have connections or suggestions for private money lenders who might be willing to finance the $200k?

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Being a first time home buyer as well as having the home be owner occupant I was able to only put 5% down through money I had saved throughout high school. 

Close with hard money.  

From what we have been able to discover is that they have taken the money from the renters and have not paid cleaners.  

In all honestly in your situation, I wouldn't put any money into real estate until securing stable employment.

For newer investors, they seem to be very high income earners (tech workers, physicians) or have lots of capital but it's tougher to buy here without a lot of money. 

@Michael Plaks yes, it was July end and not June (thanks for correcting that) but I guess you are in high demand to stop accepting by June anyways.I did pay a bigger amount when I extended the filing date, so I don’t think I owe money to the IRS.