Qualifying For An FHA-Insured Loan - Help?

[Raquel Pea]

Hi BiggerPockets,

I am reading Brandon Turner's Book on How To Invest in Real Estate With No or Low Money Down.

I'm unsure if I will qualify for an FHA-insured loan for certain reasons. First of all I am a full time undergraduate student pursuing Business and Economics. Because of my busy schedule, I currently make my income by driving for Uber and Lyft, which are great because they are very flexible. I would like to invest in a multi-family property very soon, which I would occupy while renting out the other unit(s).

I am very "smart" with my money and have begun saving the majority of my Uber/Lyft income, about $2,200 out of $2,400 per month.

Would this be a solid or stable enough source of income to qualify for a foreclosure with a price tag of about $190,000 (below market value) through an FHA-insured loan, assuming I continue with the same income and have a savings of about $16,000? What sorts of income can be used to qualify for an FHA-insured loan? My credit score is excellent, but I only have about 6 months of credit history as well.

What sort of down payment could I be looking at? 5%...maybe even 3.5%? 

I already have a private lender willing to pitch in $20,000 for needed home repair costs, and a family friend who is a contractor willing to help with repairs. 

I would prefer the lowest down payment option, as my goal would be to have the unit(s) filled within 2 months so that I can generate enough income to create positive cash flow, even if only a couple hundred in the mean time.

The location I am looking at has began a process of gentrification which is slowly driving housing prices up, now is the best time to invest and I am eager and excited to educate myself on ways I can get my foot in the door now, literally.

Any and all help is immensely appreciated!

Raquel Pea