Start to evaluate deals based on the income approach and you'll do much better long term investing. 

Lender does not look at your income, just your FICO and they want to see rental income.

And I would love some passive income or at least someone to pay my mortgage until we can pay it off maybe.

If you want private investors, start by asking friends, family, or colleagues in your network who may wish to a passive income opportunity. 

So, make sure YOU understand the copy & paste info below:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Your cousin should contact the lender to discuss his options.If he rents it out, he must report rental income and expenses (e.g., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.

Take the average household income in an area of working class residents. 

Excluding the periods of “tulip bulb” irrational exuberance, a property must produce enough of a risk adjusted return to satisfy both the ROI demands of the “limited partners”, and the income/time requirements of the sponsor.  

Buy and Hold investing is a great avenue to begin with as most people live their lives off of residual income. 

You kind of have to pick a lane - do you want income or 4 units in 4 years?