However, it very much depends on......2) Can you afford this?

The renter wants to buy it, but the bank wants 20% down and he can’t afford that until next year.

Cash flow is my end goal, but in order to reach that point where I can afford those kind of properties I'm left with the method mentioned above unless someone can give me any better ideas.Please, anyone reading along this thread; would you please give me some pointers if my mindset is not in the right place or there is a more optimal route I can take.Ideally, I'd like to keep my potential business partner because of the fact that he would cover any labor costs in the present as well as in the future and is giving me full control of the property in terms of tenants, decisions on holding / selling, and what to do to properties in order to appreciate their values.

I pay 1400 a month in rent and can definitely afford this, however the banks won't approve me for anymore then around 90k.

Just so frustrated right now. 

If you don't own any property and can have roommates, I would look for a place you can afford. 

This is a great property that we would love to invest in but would like to get some understanding on how we can 1.) afford these capital expenditures early on and 2.) what we could expect to pay for those expenses.

Once you know what you can afford then get an agent and start looking for what fits your budget and makes good financial sense.

I get an affordable mortgage rate while im fixing up the property.

We still have affordable homes [under $70k that rent for $800+] and lots of jobs and even more renters.With that said, I always suggest looking within an hour or two of your home.