In the above scenario the new rental income would only cost 50 dollars a month because the 1000 rental income would be credited at 75% so 750 dollars a month.

Last two years of tax returns, credit check, pay stub, etc.

You each can set aside some money each month into a reserve account so you have some capital to draw on for repairs that affect the whole house.

My theory is that not too many people want to buy them - the people living in those areas don't have a high enough income, credit score etc to purchase at 7% interest rates and it's investors who have a high risk tolerance who will buy them (like me and I don't have a high risk tolerance, just made a bad decision). 

But most don't when you take that into account. 

And is this method of buying new construction with unfinished basements to brrrr a good idea like I think or am I not accounting for something big?

They use AppFolio for the rent collection, disbursements, and accounting.

I have an S Corp for my real estate business, so for the past projects, I've just been keeping the money in the business account and providing monthly statements to my individual partner just so he's in the loop. 

Before amending I would ask how much of a return/credit you will receive vs. how much it will cost to amend. 

Account Closed thanks so much!