If the numbers work and the deal makes sense for everyone, finding a co signer shouldn't be a big deal.

You need to keep it in the $130,000 or less range to make sense for a rental property.PM me if you would like to discuss options.

This type of heating isn't too common around my area so not too familiar with it. 

Our question is, how common is it to show a loss after depreciation, and how much real estate would we need to purchase to offset, say, 800k of earned income?

On a first deal it is very common to overpay for a property because of lack of experience in running the numbers.  

Look for telltale white spots, efflorescence on the lower part of the basement walls that commonly indicate the regular intrusion of water.

@Alyscha Johnson,You may want to see about getting over that.REI is a people business from both ends: people for whom you provide clean, safe, affordable housing and people with whom you associate to meet your common REI business goals.It's not easy for me, so I can identify with you a bit.

It seems as though my taste in properties does not match my capital for the common 20% down requirements.

@Shiloh Lundahl makes sense.

Sticking with what I know most about, multifamily rentals, would make the most sense.