Looking to buy first property via FHA-ADVICE NEEDED

[Daniel Okon]

Hello, I have a question. I am just starting out and I want to start out with an FHA loan at 3.5%. My yearly income jumped from 61k last year to a whopping 300k this year. Even so, the mortgage broker I'm working with can only take the last two years of tax returns. Here is where it gets tricky. She said we could add the last six months of my profit/loss in the equation so we can look at the previous 30 months. When we did the calculations we were looking at about 4k per month of income on average due to 2013 giving me an income of (after tax deductions) about 13k even though I made closer to 23k. I am an independent contractor so I have a 1099 instead of a W2.

So now I am stuck with this issue. I have a family member who has a condo that they have paid off that is worth 100k and they said I could put that property in possession of my LLC to help qualify for a higher mortgage. Is this something that is realistic or even possible? How quickly could I do this? I will be connecting with a lawyer about this very thing to see what the possibilities are. I haven't ever dealt with this so I'm not sure if this would help me in applying for a mortgage. My debt right now is 37k in school loans, 293$ per month in car payment (I am pondering paying this off-total of 9k in final payments) as well as 50$ per month of recurring credit card debt.

So I guess I'm just wondering if that is a good option or if it would be less messy to pay off the car and maybe either pay off half or more of the student debts. I would rather not put my cash into paying off debt because of my plans to buy more property in the near future and want as much cash as possible, but would rather pay off the student debt in the future as I gain more cash flow. In my view, one house that cash flows at 250$ can pay my monthly student loans easily. My credit score is 728 as well. The income of 250k is from 2015 and I have about 60k so far from that and 50k in savings right now.

As I said I am working with a mortgage lender and am looking at other options as well, but if I want a duplex or fourplex that would be at the price I would be willing to live in and rent out, I am hoping to pay around the 225k+

I am out of the Minneapolis area. I tried to give as much details so you can understand exactly what's happening. I know I don't need to go conventional but FHA seems to be such a good starting point for a property. Thanks for any advice or thoughts.