I will be speaking with the current owner to see if the land contract will be reported to credit bureaus, as well as S&P.Oh, and my personal credit rating is improving all the time, as I pay off old debts...

I have about 15k worth of debt that I would like to dispose of before trying to hold anything.

.: $11880Marketing/Promotion: $1000Total Expenses: $35934 NOI: $35346Debt Payment (P&I): $2227/mo or $26724 annual(based on $450k purchase 25% down and 20 year am at 5%)Cap Rate: ~7.9%Cash on Cash: ~29% (based on 25% down and 20 year at 5% and $7k closing costs)DSCR: 1.32x1% Rule: 1.76%GRM: 6.31 (using AFTER vacancy Gross Rent)Debt Yield: 10.47% (based on 25% down $450k purchase price)Wondered what other items I should be asking the seller for in order to evaluate properly?

(Getting rid of my student loan debt and becoming financially free would also be a plus!) 

I would have a decent net worth for my age and be able to save money for investment properties a lot faster and I wouldn't have a ton of debt causing me to be stressed out all the time.Option 3: Buy a house like in option 2 but instead of putting a large down payment, only drop 20-25% down to be able to keep a lot of my savings and use toward an investment property.

I am a young professional in my early twenties with a strong income for my age and zero debt.

At least where I am at, I see this quite frequently--- Keep in my that some of these larger institutions often sell millions of dollars of their "BAD" debt per month, and the paperwork process takes time... 

Again you are paying a price to get that credit report.  4th. any old debts that haunts you. try working deals with those creditors to clear up your name.   

The only security you can offer a HML is the AOM and/or a security in another asset that you own which has equity, essentially cross-collateralizing your debt with him/her.

It will be owner occupied for a minimum of a year and i currently own my own condo which i will rent out so the multifamily will be my primary home.FactsPrice range for the property is 300K - 500KMonthly payment for all properties i have explored with agent is 925-1230 (all the analysis factored in projected rental income and maintenance and most of them were already rented which gave us the rent needed for underwriting)Current cash saved for downpayment = 45KIncome = 80K (45% is 3000/month)Condo PITI+HOA = 720  (currently FHA)(market rental for similar units in my area is 1000-1200)Total monthly debt + Condo = 2000 (approximately 250 is credit card debt at 0% that can be paid off if needed but have been saving the cash for DP)As you can see i will not have enough for a 20% down conventional and cannot go FHA because my current place is FHA financing (the refinancing process would take too long to switch to conventional).