Possible rental property financing option

[Wendy S.]

@ Chris Mason. Thanks for your template on how to provide information in order to achieve constructive feedback.. So here's my story......

I presently house hack a 4/3 sfh with 2 rooms rented. This covers PITI, home owners insurance, all utilities, internet, etc. $100 give or take left over. Plan to reside here another 6 months or so then seek another primary having lived here 2 years.

I've come across an owner occupied fixer upper asking $120,000 in Georgia (South). Hoping to offer around $110-112K. Property can be rented as is for at least $1,150. However, this is not my primary focus as I am more interested in incorporating it into my Healthcare residential business but for now it would be a start.

So I am thinking get a rental property loan with 20% down. Credit score mid 700, above 740.

Current DTI is around 43%, credit cards utilized paid off in full monthly and I carry a LOC which I was planning to pay out but have access to when this deal popped onto my radar.

Here is where things get tricky.. I took a 6 months hiatus from working then decided to do part time work 9 months ago, while I research and tested starting my own business in the health care field. So part time W2. I am told this is an issue with 2 years continuous work history required.

So, I am exploring an option that allows the projected income to be used instead of my income. I understand rates for these rental property loans may be around 6 to 7%, which would still be affordable.

Am I being unrealistic or are there are other avenues I could explore?

Grateful for any advice or feedback..

@ Chris Mason, was having issues with responding under your suggested headlines. So hopefully my narrative captured the important points.

[Raymond J. Rodrigues]

If I were you, I would pick up a full time job to start documenting time worked. I've seen people go from 1099 which could be part time for all the lender knows, straight to full-time and get a loan with 2 months of work history. If you can provide a LOE, there is a good chance that you can get a loan. If you've had gaps in employment, thats another story. @Wendy S. 

@Chris Mason what's your opinion?