With a couple modifications, I believe the exterior would looks just like a standard duplex; however, the inside would be a pretty unique rental with open concept and high ceilings (10 ft).

The concept of borrowing against your own Cash Value seems like borrowing from yourself so just curious how a mortgage lender would view these funds compared to say taking your downpayment from a traditional savings account. 

Here in the South, lack of central air is considered a serious negative.

If you add both of those factors in, you may be looking at a negative cash flow situation.

@Brian Van Pelt I understand that it makes sense to think of me as a tenant but I am not certain how this helps me achieve the "good deal" numbers since I will not be paying myself to live there I would still paying the lender and I feel like I would still have a negative cash flow.

Tenants reduced desire to move during the winter is seen as a negative when you need to lease out a unit during that time.But remember, even on a 12 month lease that goes month to month after the 12th month.

this is why god invented business Cards LOL I know its an old concept but it still works.. and if you can do something a little catchy thats great too.. you just hand them out. 

Plugging an average 30% management fee into the two examples above, the first owner would see his or her cashflow drop to about $8,000 per year (10% cap and 24% cash-on-cash return), while the second owner would see his or her cashflow go slightly (~$300) negative (6% cap and -1% cash-on-cash return).In contrast, if I were to approach an investor with an idea of a 50/50 JV agreement, where they put up the capital, I take no management fee, and we share equity and cashflow 50%, the first owner would see cashflow of $14,250 per year (38% cash-on-cash return), and the second owner would see cashflow of $3,500 per year (10% cash-on-cash return)--both significantly better than hiring a professional manager.Of course, in the second scenario, I would end up with less cashflow than I would managing the same property at 30% ($14,250 vs. $19,500 for the first and $3,500 vs. $7,200 for the second), but that's OK with me because now I have equity in the property (with a potential infinite rate of return if and when the property is sold).The question:So, would something like this be an equitable arrangement?

If you choose to go with the land contract, you will have a significant amount of negative carry. 

Amelia Moore I would not touch the student loan debt for three reasons1) It's at 2.5% and that is better than most mortgages 2) When you refi, you will have to take cash out and this will have a negative effect on the pricing of your loan.