Purchase a second home after Chapter 7

[Cody Dircksen]

Hi I'm new to BP, but have a passion for personal improvement. I've made many improvements throughout the years and done quite well for myself. Unfortunately roughly a year ago I tried leaping into buying a business that went south on me and blew up in my face. A year later, I just finalized my chapter 7 bankruptcy. 

Backstory to that, I had bought my home at 20 years old (I'm now 24) and had been acquiring much equity. The house is at roughly 60-40 financed-equity. However, with my recent bankruptcy, I am NOT trying to get rid of my home and longest credit reporting account. Which brings me to today. 

I just finished remodeling my home on a barenuckle budget. It looks emacculate and am speaking to a pm company this week about renting it out. Will likely get 2000$ a month for it and at 8% fee, pocket 390$ mo. 

How long do I need to wait before buying a new home? My credit is still good, the ch 7 is the only negative thing I've had on my credit. Can I claim the rental property as income? How likely would it be that I could rent another house out in 2 years if I bought again? What would I be looking at for repairing the credit to a reasonable rate of finance? I'd really like to know how I can persist through the turbulence of this and begin climbing back up in altitude. Thanks!