Odd Rental Income & DTI Question. Help!

[Mehran K.]

I am in the process of closing on my first deal and I can't stop thinking about lining up financing for my 2nd!

Here is my situation:
Starting on May 1st 2012 I rented two spare rooms in my personal residence. I had to claim this as rental income on my schedule E. I wrote off 33% of my homes expense (mortgage interest, taxes, utilities etc) & depreciated the value of the home by the same 33%. According to the IRS it is 33% a rental property. This is all on my 2012 tax returns

Now It's 2013 and I am set to close on my first deal (yes!) on 04/05/13 so I will definitely have rental income from this property AND my primary residence tenants on my 2013 tax returns.

At what point will the lenders start to consider my rental income?
[b]My thoughts are:
At the beginning of 2014 I will have 2 years Schedule E rental income according to the IRS.
The loan processor working on my current deal said she can't use primary residence income unless it is a separate unit. She didn't specify as to whether or not this will income will start the 2 year Schedule E Requirement.[/b]

I don't see why it wouldn't and I'm hopeful because even with just the extra income from this rental property I'm closing on AND the next property (75% gross rents - PITI) I will be able to qualify for atleast 2 or 3 more properties in my price range.

I hope this actually makes sense, what do you think?

Thanks in advance everyone