Alternatively, you could  spend half the money on a nice cookie cutter 3/2 in a good area off-water and rent it annually and have a healthy ROI, and hopefully solid appreciation down the road.

They're not named on the old lease as jointly and severally liable?

"-the residential property may not consist of more than four family units and one business unit except in the case of certain joint loans.

As an example, if you made $15,000(and were married filing jointly), you would be in the 10% tax bracket.

what would be the best way of obtaining finacing for this particular situation. and also is there anyone interested in a joint venture.

Or is it better to go with Joint Ventures? 

I generally put 20-30% down and additional money into the rehab so I have a pretty healthy equity position in everything I bought prior to 2014.

I'm a new investor and just wrapped up my first joint venture (and only venture) deal.

They want capital healthy investors that can show 100k - 150K in an account even though their show requirement is only 70k. 

I'd approach that one with healthy skepticism.