Yes, it will reduce your current rental income but, if you plan to borrow money for another acquisition, any debt will reduce your income.

$260.00Management $520.00Insurance $111.00Property Taxes $354.00Mortgage Payment $1,517.96Total $4,072.96Monthly Cash Flow: $1,127.04Cash on Cash ROI: 24.18%Financial Projections:Total Initial Equity: -$ 351,000.00Gross Rent Multiplier: 6.25Income-Expense Ratio (2% Rule): 1.28%Typical Cap Rate: 8.14%Debt Coverage Ratio: 1.74ARV based on Cap Rate: $ 390,000.0050% Rule Cash Flow Estimates:Total Monthly Income: $ 5,200.00x50% for Expenses: $ 2,600.00Monthly Payment/Interest Payment: $ 1,517.96Total Monthly Cash Flow using 50% Rule: $ 1,082.04This feels like a good deal based off the number, but It also put me on top of my budget.

., creating a criteria, studying a market, making connections in market (realtors, lenders, etc) and I've determined I still need about six months of saving/paying off debt before we are really to purchasein the meantime I do not want to just sit on my hands. is there anything i can do to provide value to any experienced investors (bird dog, etc)?

Get rid of debt, build a budget, and save.

Used to have no car payments or debt, but now I have two and hate the thought of a third.

In my mind, we have no additional balances, no new debt.

You can't handle what you've already got, so why would you take on another debt?

When you file your deed, you will be require to recite the actual consideration paid for the property, including the debt you assumed. 

You will be fine and you will crush it as long as you don't graduate and go buy a brand new vehicle and take on other bad debt just cause you can.Note: This is all the advice I would give myself if I could go back 15+ years and talk to myself in college. 

You did not mention price point for purchase and rehab so it is even more difficult to assess what a good return on the $20k would be or how long the project is expected to take.You have a couple options, the money partner with the $20k can come in as debt financing meaning they get a set rate of return om their money or they could come in as an equity partner meaning they get a piece of the profit but that also means they can take a loss too.