We have a very nice duplex there in a "good" part of the 19th Ward and had a very difficult time renting it to a qualified tenant (someone who didn't smoke, without evictions, could pay a security deposit, etc), let alone a student.

Examsmart was my saving grace.

I am pre-qualified, and currently on the prowl for my first property. 

To refinance do the lenders look at my income or rental income is sufficient to qualify for loan? 

But if you engage in an unrelated business such as flipping, as Jim mentioned you need to be aware of the UBIT.3) Under some circumstances this could be possible, be sure to discuss your particular situation with a qualified tax professional. 4) You need to understand the prohibited transactions rules, all of the transactions involving your IRA must be 'arms length',  you nor any other 'disqualified person' can not receive any personal benefits as a result of it and are prohibited from providing any services or do any work on the investment. 

If you’ve been in business for less than two (2) years, you may still qualify for up to $75,000 in unsecured business capital.

At best if you financially qualify for a conventional loan from a traditional lender,you can get an FHA loan with 3.5 percent down if you live in it with the tenants.You will need a good job and good credit with sufficient income to qualify for that loan.Otherwise,you're looking at hard money loans with 20%or 30% down and several points upfront and a higher interest rate around 7% for a minimum of two years before you can refinance to prove you can manage the loans and make payments without problems.That's how professional investors do it normally.

Moreover, it may qualify for historic tax credits and Ogden City may have some money for you.It's definitely the long play with a lot of if's.

My partner and I had the downpayment and good enough credit to have qualified for a conventional loan if the deal would have gone through.Also I randomly found it on the MLS.What is your opinions on my way of handling offer and my numbers?  

Do you think you will qualify for a conventional loan for this?