I recommend working with a tax strategist to develop and implement strategies to reduce your tax obligations. 

@Tony Manning depending on the county there are programs to help with the costs, but requires tenant income restrictions.

I'm financially stable with good income, low debt, and good credit score. 

Increase income, reduce expenses, save, and invest.

Since I was a medical student, I've always been passionate about making smart investments for my future, and real estate has piqued my interest for its potential to generate passive income and build long-term wealth.

I separate the bank accounts because in reduces my financial exposure should one property face law suite.

How can I increase income from this property? 

Lots of risk that you can't control and it is taxed as Ordinary Income plus the IRS will see you as self employed so you will pay all of the Social Security tax and perhaps a 2.5% extra tax if you make over $250k. 

You can also remove personal details from the plans to reduce the risk of someone copying your project.Now, about the budget.

Your incomes will be combined when you qualify for the loan, and both your names will be on the deed as “tenants in common.”