The spread will be your profit and you can apply your 70/30 rule here.

If you apply the cash flow to pay off your mortgage you not only are accomplishing your goal of living in a clear and free home, at the same time you are paying off an income-producing property its a win-win.

When applying for a mortgage loan for investment property do you ask for the amount there asking for the property or more for small repairs

Can the other person (you said we) apply and qualify for the condo on their own?

I did my research and apparently thats all this one particular company does, they apply u for CCs and call it lending.

We'll fix them up and increase the rent to $500-650, but still, I can't imagine they'd be interested in paying $45 just to apply.

I fully acknowledge that with any program you are only as successful as the work you put in and the principles you apply.

It's more about the expected nature of a chronic discounter and how it applies to the whole project when they cut the listing agent to a stump and offer garbage to a buyer's agent when they want to sell the property.

If you go with Turbo Tax on this then one approach is to treat your multi family as two properties that happen to share a wall and apply the rules for each case.

Then you need to apply for permit(s) with your local city.