Using hard money or private third-party funds (debt or equity) would allow you to close in a week or less if you wish.

I bought my first property with all cash and just did a Debt-Service-Coverage-Ratio loan from a national lender.Cashed out refinance at 4.5% for 30 years at 75% loan to value ratio with ~8% in closing costs all in.Example property: $200,000 valueObtained $155k in cash back to be paid at $787/mon for 30 years.Will use the cash to buy the next property or to use for downpayment for the next few properties.This lender will also lend out to LLC in similar terms.Of course, since my LLC/rental are so new (just started 12/21), we had to personally guarantee the loan while keeping the rental under LLC protection against litigation.

After debts and household living costs, I have roughly $40k/year in disposable income to put toward down payments on new properties. 

@Robert Brown I also take the slow and steady save and pay approach with conventional bank lending and what helped me was refinancing into the name of the business so I was able to remove the debt on my personal credit report which made me more lendable. 

How do I structure this deal when it still has debt service and rental income?

are your current loans using fixed rate debt (ie. 30yr fixed mortgage)?

They have $100K of debt, but it is worth about $550K.

Also subtract a vacancy factor and an allowance for bad debt, rent concessions, property management fees, advertising, and turnover costs and see if the number is more reasonable.

However, she has more current debts than I do and we would have to structure how the cash flow would be broken down between us.I am curious on what your opinions are on which strategy seems more feasible or better for starting off?

668 is not bad credit, especially with debts behind her.