We'll cut to the chase, here's our dirt.The Facts: Ages 51/44, Married, w/10 yr. old childOne steady income 45KOne low income & fluctuating (self employed only 2 years but growing slowly)Living/ renting in NJ (Very expensive market, 2 family units sell over 500K)Fair amount of debt 37K (Car loan, 2 CC, Medical bills)Just getting by each monthCombined 401K's =  150KMy 401 (100K) can be transferred with no penalty to a self directed IRA (I had opened up last year in hopes of using some cash to invest in RE) We are determined to get into REI however we're probably going to need some creative ways to do it with our current situation.

I have had the best luck from credit unions on numbers, but be aware these numbers do tend to fluctuate more so don't be scared off from a couple high quotes (I was quoted 8% from one credit union and 5.5% from another in one day... a huge swing).

I've been weighing putting hanging/track barn doors on the opening to the living room to provide some definition but am not married to the idea.Bottom line is that I'm trying to market around the design flaws because we don't have the budget to heavily redesign.Would also appreciate ideas for exterior trim color and color for the interior pantry cabinets.

I use it for a couple.

@Kevin Brenner a couple of questions that can help answer your questions:What is the After Repair Value on the property?

I have flipped a couple houses, one of which i purchased for $6000 and completely gutted and rebuilt it. 

I've read the lease a couple times and it seems a seasoned investor wrote it because it includes a lot of the things I see over and over.

Lisa Kovac yea all the professionals and books ive read about landlording said to do app fee and a couple background and credit checks.

The owners are older couple who would really like monthly income and to sell to us (we've developed a good but fast relationship with them). 1.4M sell price, 4% interest locked in and amortized for 25 maybe 30yrs.

He checks on the property weekly but still has a tenant that is a couple months behind.