For example, require a minimum FICO score of XXX, gross monthly income X times the rent, and verifiable income for the last X years.

i wish i had better news for you but it's probably not feasible in the short term to replace your W2 income with rental income. 

Many of these are low income, government subsidized housing units.

I am in the Tampa Florida area and we in dire need of more LTRs for incoming residents. 

Use umbrella insurance as an additional safeguard, especially if you opt not to form an LLC.Avoid S-Corp taxation for rentals, as rental income is passive and not subject to self-employment tax.

@Brad Kanouse Using Traditional IRA funds for an investment property typically incurs income tax and a 10% penalty if you’re under 59½, as investment properties don’t qualify for tax exemptions.

Here’s how using a Self-Directed IRA (SDIRA) to invest in real estate enhances these benefits, especially for those looking to diversify their retirement portfolio: Tax-Advantaged Growth: Real estate investments inside a self-directed account grow tax-deferred (traditional SDIRA) or tax-free (Roth SDIRA), meaning rental income, appreciation, and even gains from selling the property stay shielded from taxes until withdrawal—or forever in the case of a Roth!

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

After that's under control, focus on increasing income through additional work at your current job, taking on a side hustle, or finding ways to increase income on your existing rental.At the same time, educate yourself.