He said he is willing to get creative with the structure.Asking Price is $1.5M, current gross income is $80k which he claims he could "easily" get it to $100k, but he likes sticking with his long term tenants.

This knowledge is essential Assuming you source a good deal (with multiple potential exit strategies), I would then bring in a capital partner to fund the down payment or Property acquisition…and get some sort of sweat equity (depending on your experience and value brought to table) and then invest the $10,000 you do have into the deal itself to add your stake, add some skin to the game and align your interest with your capital partner.

To the adjusters and restoration companies on the scene this is just a source of revenue no emotion involved they have seen it all.   

We drafted, signed and notarized an "agreement related to ownership of real property" Stating ownership shares, and income splits. 

tells me they've been getting calls from customers alright.Fourth, I looked through the mortgage contract fine print (see last photo) and found one reference to where the bank could require Annual Reports for net operating income, but nothing about requiring tax returns, requiring an annual personal financial statement, or anything about tacked-on interest rate bumps, other than delinquency.

What will your combined W2 income be after taxes when you get married?

@Allen Duan for a MTR, is furnished finder your main source for finding new tenants? 

@Tyler Ferguson It will be a little easier for your taxes and finances if you create a separate account for all of the property's income and expenses including the personal and rental part.

Hey Hemanth, You can structure this on a portfolio loan with partial releases allowed, as long as the portfolio can debt service at 1.00 with the total income and expenses from all properties remaining. 

I believe the one that does my tax mentioned using scorp due to our income but i seen its not advised to put real estate under scorp