I’d certainly prefer to buy the place outright, and rent the units directly to our friends, but I’m curious how both options work. Let me know if the “common sense” is correct:

Single Owner: My wife and I would probably need to have X% down, plus 6+ months savings, and income about Y times greater than (annual PMI – Z% of annual rent for units we won’t live in). What are X, Y, and Z likely to be?

Partnership: Together, we have to put A% down with 6+ months savings, and prove income B times greater than PMI. What are A and B? And obviously, we have to be crazy enough to set up such a partnership.