We split rent and profit when sold 50/50.You'll have to get to touch with lenders to see if you'll qualify for a loan to buy a multi unit property. 

I don't qualify for both mortgages so the traditional thing to do would be to offer to buy this new one with the contingency that I need to sell my old home first.

It does not qualify the simple 1% rule that means it should generate at least 1% revenue of the purchase price which is going to be more than $4000.00 in your case which is not.

if you want to qualify for a loan, you will have to use your personal name at a bank.

Besides, most foreclosures won't qualify for traditional bank financing anyway.

By the way, just to qualify that last statement. i gre up in Vero Beach, FL and know the surrounding cities, including Ft.

The initial group should need to be reevaluated to determine whether just two of them can qualify on their own. 

One of the things I do is give every potential resident a copy of the application process which outlines exactly what we use in our screening process.A few still set up appointments, but most who wouldn't qualify stop communicating as soon as they realize we actually do check these things.For those who do decide they'd like to look it over, it might actually take a little more effort to get them to sign the lease.

For 2-4 Units you are allowed to use the potential rental income as part of your qualifying.

An era of very high interest rates where few buyers can qualify for mortgages                                                or3.