When you ask for <$100k, you've already eliminated half of the pool. 

Credit score and income level are th eeasyist criteria to set to eliminate them.

Although you will not be able to completely eliminate the tax. 

Hypothetically speakings, lets say I have a bedroom on the main level that I wanted to rent, but my neighbors dogs eliminated that option, so I put the bed in the basement?

Those are part-time jobs which are very volatile and she could see her hours cut or her position eliminated at any time.

To eliminate both our frustrations, we agreed on quarterly payments, which works fine by me and solved his problem as well. 

The elimination of the mortgage payment (added CF in your mind) isn't enough to cover the out of pocket cost to you.  

Cory -   it doesnt  sound like you will need  this extra income for  qualifying so no need to wait  fyi  if your hours  will be  guaranteed and stable   , then the  higher income  should be usable ...if the  hours  are not guaranteed (  eg.. overtime ….seasonal …..not consistent ) , then  likely to not be usable Going FHA is not that  wise  as  the  FHA mortgage insurance is permanent and wont be able to  be eliminated  unless you refinance the loan plus you will have a  large upfront mortgage insurance that you have to pay at closing  ….consider using  a conventional  loan  as the mortgage insurance will  be able to drop off or be eliminated in the  future

Have you narrowed down/eliminated any sections of town at all yet?

In addition, you're focusing too much on YOUR benefits (great tenant, eliminate vacancy), and ignoring the TENANT benefits (great landlord, quality unit, fully furnished).