Looking at buying another property; we have 58k a year in W-2 income but the rest is either 1099 (mine--probably about 50k this year minimum if I do nothing for the rest of the year) or else property income (currently 36k a year). Running into DTI issues b/c they are counting our 3-flat against us. We currently live in our 3-flat and would plan to do a live in flip on a single family or inexpensive duplex or buy/hold and then rent it out and move, would definitely plan to BRRRR. Here are our numbers:

PITI on current building: 2701/mo

Income from 2 units, currently rented at 1500/ea, so 3000/mo income now; would increase to 4650/mo income (our unit is nicer than the others).

Expenses are very low on this building b/c everything's new. $60 a month for water/sewer/trash. Everything else is paid by tenants. Rental market is tight. Rentals are probably a little below market but I got my pick of 30 applications each time, which mattered to us because we are also living here.

We'd put 30k down on a new property but could probably put down up to 50k if needed; acquisition cost would vary and that's where we're having trouble figuring this out. I used to have a W-2 job so it wasn't a big deal; now it seems it is. Any advice on how to move forward? We bought our last building (the one we're in now) for 225k just using my husband's income and it wasn't a big deal; now they are concerned. Thoughts? Will I have to find a commercial bank? Our credit union seems wary. We don't have any other debt and have 780 or 800+ credit scores (haven't checked lately).

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DTI too high; buying another property in IL

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