when can i use rental income? underwriting question

[Joe Boggin]

my salary is modest. i want to access equity from a gifted property but im not sure if the monthly payment would be within underwriting guidelines. normal DTI on investment HELOC is 45%?? with my primary note and school loans and other bs i dont think a heloc would work??

but the property is planned to be rented. maybe gross 700 a month. maybe. i need two years of tax returnn to use that income? how black and white is this? i mean if i start renting a property in august of 2013, technically i wouldnt be able to use the income until after january of 2016? august of 2015 would be two years but my returns wouldnt be available until the beginning of 2016???

it sucks because that rental income is all i need to get withing that 45 DTI guideline...