That being said, a mistake now unlike at mistake at 30 will be a big problem.As @Charles Seaman mentioned, best approach would be partnering with other more experienced investors who know how to own and operate multifamily properties and learn as you go while reaping the investment returns.You can invest either actively in a Joint Venture or passively in a syndication.Due to the compounding impact of investment when done properly - investing $50,000 a year every year for 10 years should provide the income you need at 65 let’s say.

The location of this property is directly across the street from the MN State Fairgrounds and the U of M St.

Not sure what others are doing, but my jv partner property uses a joint bank acct.

The unit is under a joint lease between 3 people.  2 of the 3 people indicated January 1st they'll be moving out (without the proper 30 day written notice required in the lease). 

@Bernadeau C.I do i will pm u but i think u have to accept my connection request.

If you are going to do flipping, wholesaling or joint ventures, then you should have an LLC. 

@Dean Fiacco In the future, if you don't already, I would make sure that your lease explicitly says that all tenants are jointly and severally responsible for the rent.

Is it possible to get a joint FHA mortgage along with the 3.5% down since he will be occupying it?

I had a prospect inquire if he could obtain 70-75% financing for a joint venture that is acquiring Single Family Homes with a purchase prices of $200k - $400k. 

If the payments come from a joint account that you and the co-borrower own together....then you are out.