Rules for Qualifying Rental Income on a second FHA loan

[Mark Horn]

I am closing on a 3 unit FHA deal (my first) this week. Call it foolish but I am already thinking about strategy how I will pull off my next deal. Here is my question.

If I live on this property for a year or two, I will be documenting about 2/3 of its potential rental income on my tax returns. 

My girlfriend will be buying the "next" purchase, which will be another FHA loan in her name. I would then live with her in her unit, while my property converts to an investment property, and I can start documenting its full rental potential. Her property would become my primary residence via "renting" and I would have no ownership interest in it.

The tricky part is my next deal. I will likely still have the original FHA loan, as I won't have 20% LTV till around 8 years of payments if appreciation stays flat/I don't make extra payments. I know I can justify a second FHA loan due to work/my commute, given that my office is 100miles+ from the house I just bought.

My concern is the rental income and my DTI. Will I be able to use the tax returns to document my rental income offsetting the mortgage? I've heard something about needing to have 25% equity before they will qualify it.

I've also read about potentially doing a 203k loan to build equity in a SFR, but I fear I would have the same issues with DTI.

Thoughts?