What are my options on buying this house..

[Tanya Lam]

Hi! So I am really interested in this property. It is a 4 bed 2 bath single family home located minutes away from a University in Richardson/Dallas area. I intend to buy the home and then rent it out to students of the University.

My problem is that I do not have enough income proof. I am self-employed, and I have been running my business for only a year. This poses a problem because they want to see at least two years at the business. I also didn't claim much on my taxes since I just started it last year! So the mortgage broker is saying I won't be approved for much if anything at all. I have a possible cosigner, but he has little credit (only two lines, a credit card and a car loan) and his income is only bringing in about $1,800. I have a pretty established credit with a car loan and a couple credit cards.

What I am asking is would I be a good candidate to do lease option? I want to keep a hold of the house, establish my credit and my cosigner's credit a bit more, and then in the future buy it.

I am super new to all of this real estate investing but I am wanting to get started now!

Thank you!