If your debt ratio can take the debt of your existing mortgage along with the new purchase using FHA, without the rents being counted into your debt ratio, I would go that route.

When the structure is serviced by an individual sewage disposal system, the applicant shall have the existing or any new system approved by the department of environmental management.

., that this is allowed for Fannie/Freddie conventional mortgages), what options exist if instead I want to purchase a property through an LLC with a business partner?

@Chris Carr Do you recommend purchasing land in the area and building or purchasing an existing structure?

Those places exist and there's nothing we can do about it.

and if its shingle are you looking to add another layer or remove the existing and replace with new?

As to apartment buildings, I don't even know if they exist.

Many good seller attorneys will modify the language in the contract to state that the "mere existence of a lower appraisal will NOT void the contract automatically,  but will only be applicable if it results in the lender denying the loan for the original amount required" or some similar language.

I think you will enjoy investing in the Springs.BRRRR opportunities were a bit more prevalent in Colorado Springs a few years ago, but that doesn't mean they don't exist. 

Is there a reason you want to buy an existing one, rather than just buy a vacant home and start your own?