question about loans

[Chad Gibson]

I'm an aspiring real estate investor. And I wanna start with small rental properties and work my way up from their one small deal at a time. But I was just wondering. Would a bank give me an FHA Loan if I already have a hefty loan on my credit?. I own a $190k house which is technically in my name but is meant for my brother and sister-in-law.

And I know what you're thinking "You idiot!, don't tell me you took out a loan in your name for someone else!". But understand in any other circumstance I wouldn't. But since my Brother and Sister-In-Law make $7k a month in military and regular disability. Unless the U.S. Government completely collapses I'm confident that they could easily pay the mortgage on time. And since I live with them and they never expect anything from me except to help with stray bills and groceries. 

I figured it was a win win. They pay the mortgage, boosting my credit score and giving me a nice cozy place to live. Hell I'm single, no kids and the only bill I pay is a $380 a month payment on my $17k in student loans, car insurance and gas. So I kind of got it made right now. All though I kind of wish I hadn't done this next one. I co-signed for a $40k car for my Sister-In-Law, that they too are paying on. 

Now I make roughly $2.5k a month from my day job. I'm thinking with my income to debt ratio a bank wouldn't even think of looking at me. But if I show the bank proof some how that none of my personal income is going to paying the mortgage or this car. Would a bank still approve a loan on a small property under $100k?. I was thinking about starting with something around more of like $80k. 

Or would I have to do some sort of creative real estate subject-to, land trust switcheroo?. I'm just wondering if I put myself in a deadlock. My only option is to maybe hold out and keep the house in my name for a about 2 years. My brother and Sister-In-Law fixes their credit in those two years. And they take out a loan themselves to buy the house back from me and out of my name. 

And then I can pocket a nice chunk of change tax free after paying off the original loan. I'm just anxious to get started on my journey into real estate. I don't want to wait. I mean obviously I gotta save up a small chunk of change for a FHA downpayment. But I can't help how impatient I am right now.