Income stated? Interest only? Any other ideas?

[Nash Mittelman]

Hi BP! 

I incorporated last year, and I don't think my personal income will do me any favors for getting financing (meaning it's low). My business generated a fair amount of income, and my rental property might generate about 1k once I rent out the unit I live in. I also have a fair amount saved up for a DP, and for context I'm looking in the San Francisco Bay Area, where one of the biggest upsides to real estate in the appreciation, so hoping to get something at a discount w/ the shift we're seeing in the market.

I'm trying to take advantage of the shifting market and buy another spot at a discount and hoping to get a loan in the short term and then refi onto something more long-term; essentially, buy at a discount and the refi. Also looking for creative ways to get around the payments equated with high-interest rates; I have heard of buydowns (2/1, etc.) Does anyone have any insights or experience with w/ income-stated loans or have any other creative ways to obtain a loan for buying another spot if my income is low? I would also love to hear this group's thoughts on if an interest-only loan could be the move right now to keep payments low, then refi (if and when) rates go down, and curious when this community thinks that might happen. Any pitfalls or flaws in this plan?

An interest-only loan seems exactly like what caused the 2008 meltdown, and don't want to be a party to another crasssshhhhhh. 

Thanks BP!