Exc. Credit+Cash, but Low Income - Financing Recommendations

[Rob Catching]

Hello all, I am new to the forum and decided to become active. I have read enough posts here to know that this forum has some very experienced and knowledgeable investors who may be able to provide some insight regarding my situation. I am trying to learn more about how my financial situation is viewed by lenders and what types of loans are suitable for me and available to me.

My situation is different than most due to the fact that I have a very small income over that past three years. This is because I've had several surgeries and was unable to walk for the better part of 18 months within the last 2 1/2 years. I have medical issues which forced me to go on disability about 3 years ago. So as of now, my monthly income is $847. My FICO score is 780, Equifax is 795. Also I have around $40,000 in cash for down payments. I have no debt, my home and auto are paid off. So given this information, the glaring problem is my low income. The bright spot is that once I build some cash flow from a few duplexes, that income should boost it to a more respectable amount. I am seeking input on financing ideas that may work for me. It is my understanding that "no-doc" loans are the only option for me considering my almost non-existent income. Any ideas?

So far, I've been quoted 9-9 1/2% interest, 20% down on 15, 20 and 30 year loans. I want to get the interest rate down as soon as I can. I am assuming that a few rental units with good cash flow will help me in getting a more favorable interest rate in 6 months to a year.

Basically I would like to hear some ideas from people who are knowledgeable about financing. Info like "what would you do in my situation?", given the low income, good credit and available funds. I probably left out some relevant information, just ask and I'll respond.

Any input is greatly appreciated.

Rob