How do I look in the eyes of a lender? SFOO Buyer and Holder

[J R Spikeston]

I never planned on being a landlord, but looking back over the last decade I've settled into the pattern I explain below. My main question is, "How will I look in the eyes of a lender when it comes time to buy my fourth property next summer? What type of lender/loan should I look for?" I would love to be strategic, looking at it through the lens of a long-term investment and not just a place to live that I might later rent out.

I buy a modest single-family 3/2 (on a conventional 15-year fixed), DIY rehab it while occupying, usually house-hacking via roommate(s). After a few years, I move somewhere else and rent it out.

Next summer, my "portfolio" will be:

House 1 Worth: $185,000 Owe: $63,000 Equity: $122,000 PITI: $1620 Rent:$1620 Cash Flow: $200

House 2 Worth: $250,000 Owe: $79,000 Equity: $171,000 PITI: $1250 Rent:$1800 Cash Flow: $550

House 3 Worth: $120,000 Owe: $92,000 Equity: $28,000 PITI: $1050 Rent:$1350* Cash Flow: $300

*This is an estimate. I currently occupy this property.

If I accelerate this pattern only slightly, I have it mapped out to own 10 paid-for properties worth about $2.5 million by age 51 (coincidentally my retirement age from public school), cash-flowing about $20,000/month.

Houses 1 and 2 exceed 2 years of documented rental income. If I get a signed lease on House 3, can I count that income when applying for a mortgage for House 4? I've heard different things about how some lenders consider 80% of your cash flow and how some look at LTV instead of DTI.

Notes: I have no non-mortgage debt except student loans of about $120,000. I'm on IBR and pay $260 a month, but it seems some lenders count 1% of the principal ($1200!) instead of the actual payment. (These loans are slated for PSLF in 2026.) For what it's worth, I'll be 35, single, living in Texas. My W2 job (public school administrator) is below the median income (about $50,000). Credit score 750.