Go back after ever legislative session to consult on any updates. 

The initial inspection showed a few things in the sewer line, approximately 39 feet from the house.

There's so much to learn about real estate in general, that I think the initial learning is really done best in our own back yard, and then once you feel your learning is tapering off, and feel reasonably confident about being able to buy a decent investment in your local area, then I'd say at that point it would possible be OK to branch out to other areas - if you're willing to put the time, money and energy into becoming familiar with those markets.I hope this helps, and as I said, lots of people have different opinions on this topic.

Would be nice to use them as we initially opened the accounts years ago in preparation for using NFCU for a residential mortgage before we learned there were better options available and before we decided to start investing in this fashion.

From my initial research, it appears that investing with IRA accounts seems more complicated and have a higher risk potential especially for a new investor like myself. 

Enough to get my initial capital of $50K out?

Our initial thoughts is to create an LLC for the purchase. 

Assuming an Ammoritized 30-year loan at 4% which is probably impossible but if I'm looking at a Private money 30-year note at 8% it becomes a 30%~ annualized return on my initial investment Honestly, I have no idea what I'm doing other than the numbers and worst-case scenarios, is this a good first investment. 

Initially, you may want to make this “$0” until you are comfortable with your PM, and also layout the preferred method of communication – I suggest written so there is a paper trail.

My question regards how the lender is calculating income in the debt-to-income ratio based on the existence of the partnership.)If we treat the partnership as a standard business, our DTI is unfavorable:Net rental income: $7600Other income:        $3000Total:                   $10600Debt:                    $ 6000DTI: 57%A DTI of 57% is above their limit.However, since Net Rental Income excludes $1000 monthly depreciation (non-cash expense) and $2,400 interest expense (part of the proposed debt), we were initially told that they would add back depreciation and interest expense, leading to a monthly income of $14,000, and a debt-to-income ratio of 43%, and that DTI would pass muster.The loan went to underwriting on that basis, but underwriting decided that they couldn't add back depreciation and interest expense, since it's a K-1.