That's a nice monthly dinger coming in for the rest of your life.  

Other times a 10 percent cashier’s check is required at the time of the sale and 30 days are allotted to pay the rest.

depends, I always preferred drywall as opposed to paneling but if the paneling is over plaster and the plaster is in terrible condition removing the plaster and installing new drywall can be a nightmare you may have to rewire and replumb the whole house if you are getting inspections done, so take one room or even one wall at a time, if you feel at that point you can do the rest of the house then go for it, it's also an affordable thing to sub out, you should be able to pay someone $10 per sheet or less to hang and $10 a sheet or less to tape and spackle depending on how many sheets you need done, keep in mind a sheet of drywall cost around $10 a sheet also,  you can also remove the paneling and do a drywall venere which is a thin sheet of drywall over the plaster basically just like paneling except it's drywall.

I spent the rest of the year fixing it up and I put the house in "in service" (For Rent sign in the yard) on December 15.

If so can the rest of the loan cover the repair cost?

I was up for re-enlistment, but I decided against it and just do the rest of my time for many reasons.

IDK what the case is but something is missing in this case that the rest of us dont see IMO.

I use the 3x rent rule as a qualifier and then look at the rest of the scenario (car payments, student loans, other debt) to make a decision.

No matter the structure, this usually works best when one or two take the active participation role while the rest take an inactive role.With that in mind, you will want each person to compliment rather than conflict with the group.

@Nick K. you can also get private money (friend or family or close acquaintance NOT HML, they are not PM) financing for the down payment or part of the DP and finance the rest conventionally.