Over the long term, the rate difference will be immaterial because you have locked in a very low interest rate and can always refinance later if rates dip lower enough to justify the cost.I encourage folks to look for ways to invest without debt (equity partners, lease options, etc), but if you're going to get a loan, go for long-term, fixed rate. 

I filed for chapter 7 bankruptcy about a year ago to get rid of some old credit card debt from when I was in school that was really hindering my ability to move forward. 

I'm not sure if we'll be approved for that amount of debt (we only make about 90K a year between us), which is another thing I need to learn more about.

We both have excellent credit and no credit card debt.  

A token can represent 1) an equity interest in a legal entity that owns that real estate property 2) a right to share in profits arising from the use of the asset 3) ownership of the underlying asset or 4) an interest in a debt secured by the asset.

You can get the current owner to assign that rent debt to you so you can collect it after close. 

(Many jurisdictions did his 5-10 years ago to eliminate people arguing the value of their properties. 

I’d sent him many areas he could apply for help and asked for documentation he was struggling with rent to document but he didn’t follow up with the request and to document he was having trouble or met the requirements for aid.Regardless, what got to me was a statement he made that he was able to start making payments after catching up with his credit card debt.

You may need to refinance to eliminate PMI.Remember that your HELOC counts against your total LTV.

Not bad wages.Of course, this assumes everything works out just fine and a 5 CAP is enough to support the debt-service/equity partner payouts.