If not, you are going to need to renal income to qualify for the loan.

The thing you all don't point out is the fact that after 20 years; that house is going to need a complete rehab costing $75k; or you will be paying for this during your 20 years of 'principal paydown.' 

Have to set the tone that you will not deal with what the other landlord did if the tenants aren't any good. 

get 2 tone paint - walls and everything else white!!

(Note:  This property appears to need some renovation- Do you have the cash for that?)

I learned from that experience that I should have a separate ring tone for tenants.

You're going to need to ask local landlords if that law is ever enforced.There are millions of laws on the books.

There are many variables and circumstances that can impact a partnership that you don't see until it is too late, so that is why someone with experience is so important.First resource is an article by @Joshua Dorkin, which goes over the basic questions to need to answer with a partner before going into business with them. 

I'm going to need to read this one a couple more times to process it fully...good stuff here!

My concern is if I sell any property as a result of my normal operations, am I going to need to let the SBA know every time?