I've fought similar situations in housing courts and this tactic can do 2 things: 1.

I just thought that while we are dealing with the $120,000 tuition bill it could help things financially.

Some DSCR Lenders have now moved to better accommodate this - taking 120% or 125% of in-place rent in situations like these

Please let me know if you have any experience with this situation. 

Everybody's situation is different. 

@Sara HabtomIt's fantastic that you're considering real estate investing and have already taken steps to ensure your financial health by having no debt and a good credit score.

Hi - a lot of people in your situation move from conventional to "DSCR Loans" for this exact reason - since its hard to scale meaningfully when needing a DTI ratio to qualify (one of the main benefits of DSCR is no DTI ratio in qualification).Check out this 10-part guide on all you need to know on DSCR Loans published on BP!

Have you ever run into a situation where the essential repairs bumped the Price into “not a good deal” territory?

My current situation does not support house hacking, but maybe I will be able to try it some time in the future. 

A lot of insurance companies won't write a third party that doesn't have a financial claim/stake on the property as "additional insured".