You have to remember that book keeping is relatively easy, so it's not just the book keeping your are paying for; you are paying for a business advisor who will help you systematize financial processes, make strategic financial decisions, and take your business to the next level. 

No, you only pay the interest if you pay it back on their schedule.

You should focus on paying it off and keep in mind the more equity you gain the more of cash you get to keep.

The investment needs to pay for itself, but they are not chasing cash returns because they know they will be buying up an entire portfolio of high risk properties. 

At $200/month, that should get you about 25 hours assuming an $8/hour pay grade.

Always, always, always pay back your parents.

@Paco Rabi,It's definitely nice to have existing tenants in place because they will be paying rent as soon as you close!

Owner-occupants can pay more since they are not looking for a "return on investment" per say. 

Have a lower monthly payment, not pay PMI, be able to save a bit more from the W2 jobs each month, as well as having a greater percentage of the mortgage covered by the upstairs tenants. 

Tenants insurance should pay as that is what renters insurance is for. 2.