But I am going to assume for the sake of argument you are a super stud and found a deal that cashflows 2k per year, and you have about 2k in debt pay down.  

She has no debt whatsoever and good credit.

@Bernie HuckesteinHere are some items to be aware of when incorporating debt financing.1.

My wife and I have 0 debt so its a little scary doing this but a year will be here and gone before we know it so after all is said and done we will have 2 solid duplex's plus the JV deal that will provide about $1850 positive cash flow.

Purchase Price: $146,950Sales Price: $215,000Mortgage Debt: $107,000Borrow: ~$108,000I was told that we need to record the borrowed amount with the sale.

How do lenders view vacancies when calculating debt service coverage ratios?

I am a newbie and yet to make a deal.I want them to sign the property over to me and in return, I will settle all debt with the property and help them get into another place.

I possess the necessary skills to do much of the renovation myself, and with dual incomes from myself and my (long-term) girlfriend, I think investing in a fixer-upper, multi-family home is a logical step for us. 

It will show debts credit history ect. 

In my view the debt markets are now more constrained due to bank regulation.