help with financing

[Shannon King]

Hello everyone on BP, I am looking for advice on getting a loan for an investment property. I am no noob to understanding RE investing but I need help with assembling capital. Here is my conundrum: I have good credit (730), a decent bit of money available (around $37k), have my car paid off, have a secured loan out that pays itself back to build additional credit, but I do not think I could get a mortgage because of this: EARNED INCOME. I recently exited the Army and am using my MGIB to go to school. I get $1717 a month from that but I pocket all of it and pay for my classes with FAFSA and pocket that remainder. I work part time earning around $700/month. Also receive $564/month in social security for my daughter because her mother died last year and my roommate pays me $300/month. So every month i have about $3200 coming in.....but the bank would only count the $700 from the part time job I believe.

What about a joint venture? If my roommate has a fulltime job could he and I go in on a loan? He has no credit but has good steady income and i have good credit and downpayment $$.

Any other ideas?