Hey Uzoigwe,This is an interesting project, so I ran it through our system as an exercise.The first step was straightforward—I copied and pasted your question into our system.

First, if my assumption is correct, are you renting by the room with this hostel and with transient tenants? 

My two partners are willing to pay their share, but they’ve also offered me the option to take over the property completely since the loan is in my name.Here’s my dilemma: If I keep the property and rent it out, I could get around $2,300 in rent, but my mortgage is $3,300 at a 7% interest rate.

Check what your current lease says about renewals.Most / a lot of commercial leases have language about determining the rent rate for the next term. 

If you have house-hack and live in one part and rent out the other (ether as long-term or vacation rental) that will bet you better interest rates and possibly no cap gains tax if you sell it later as primary residence.For whatever reason people seem to ignore the rule of "buy low and sell high" and keep chasing the "most popular area" to invest in.

I have a bank that has super low rates and will allow us to do DSCR loans in your personal name.

I'm a long time lurker and first time poster. 

First, let's be very clear here.The mortgage your speaking of is a private agreement between the seller and the lender.

First Buy My Tickets for BPCON and the Flight Out!

Hi @Griffin Spence I would first learn about how to underwrite a deal because with this knowledge you will know how to speak intelligently to that "motivated seller" when you find that diamond.