Here's the situation:Rental #1 value = ~$122k (according to zillow estimate)mortgage balance = $63kincome = $1050Roth IRA balance = $16kCurrent cash balance and debt to income ratio are likely a no-go to just get another mortgage.Our goal is to generate more passive income.  

But I don't believe those risk apply to me because I plan be an owner occupant, I have a pretty good credit score (720)  and a combine income with my spouse of 70K (no children yet). 

I'm looking to start investing in pueblo Multi family homes for buy and hold rental income. 

I have no background in real estate but a burning desire to generate passive income. 

@Darren BudahnThere is no equity except for the difference between the rental income versus the mortgage payment.

We have zero debt and moderately high income.

The idea is that the percentage of the income that is derived from the debt financing is taxable.  

I'm 29 and hope to use real estate to give me more income, as I currently work full time.

I am interested in taking a partner in on the deal, and I'm willing to take a smaller piece of the pie for birddogging, but I see this a major long term income with monthly profits exceeding $500 after NOE.  

I am currently a student at the University of North Carolina Wilmington and interested in the buy and hold model to create passive income.