I like the 1% rule as a quick screen, and shoot for 1.5% properties with PITI being approximately half of the rent.  

It is a 2 floor unit and 2 of the bedrooms are accessed by a very steep stair case which cannot be rearranged (10 inch rise by 6 inch run roughly)2.

. $1,277 / month- House could rent for $1,300 to $1,400If cash out refi I could get $45k in hand and cut the payment in half.

For example, it could be half of the first month or one full month for a signed year lease. 

However if I were in the other people's shoes I don't see wanting to give you a no-payments loan for $200k for a year and a half, and only making 4% on that money for 5 years unless all the co heirs are independently wealthy (possible but seems unlikely).  

Watch out for your DTI, assuming you plan to continue to grow using residential Fannie-type loans.Sally and Fred 'partner' and buy an investment duplex.Sally and Fred each get half the profit from the property according to their tax returns.Sally and Fred got the mortgage together, so each is fully liable for the entirety of the mortgage payment.Guess what happens to Fred's DTI when he goes to purchase a property by himself, perhaps a primary residence, perhaps a rental? 

They are supposed to half the bill per the contract.

Most of the homes in the neighborhood that have sold recently do not have a golf course view and are less than half the size of this one. (~1,600 sqft.

I have a friend/client that has over 50 and I've helped him buy about half of those.

She had hired an attorney to draw up the contract and he informed me at closing that the lady had changed her mind and needed to raise the interest by a point and half.