Full doc (IRS taxes 2 years); or bank statement deposits for 1 12 or 24 months; or debt service ratio; or asset depletion...  

High debt, corruption, and is losing population.

I have no outstanding debts outside of my current mortgage which is $156k Just refinanced with a 30 year.

This can work to eliminate less than ideal tenants in a year or two.good luck

Money is cheap, 3% interest rates are historic low and you’d do well to lock in debt like that now.  

I’m paying about 14k off in debt in order to qualify and we are discussing what this next equity split will be.

I have a 780+ credit score, absolutely no debt, and I just graduated college into a real estate investing job where I am only paid commissions.

To be on solid footing if there were ever an issue to arise, you really have two options 1) collect rent and then since you are eliminating their use of the unit put them up somewhere 2) provide a credit or reduced rent for the days the unit is taken out of service. 

Here are some thoughts on the risks:I'd say one downside of that is you probably got less rent than you could have because you eliminated 95% of the prospective renters. 

If you use fixed rate debt and interest rates go up, it doesn't matter.