Don't editorialize/rationalize criteria misses. 

Let me add that the most successful REI are the ones that "make" deals...not just "look" for deals...and I don't mean rationalizing a bad deal into a good one.

Since tenants do the lawn and snow and pay their utilities, my expense ration is closer to 30-35%

Contractual terms are being discarded and rationalized as not applicable by Zeus.

I sure hope so....If not this could turn into "Death by a thousand cuts" (for a lot of people).Right now to me the end date for this seems uncertain, meaning the traditional method of decision-making based on considering the facts, data and all the information to make a rational, logical decision might not be available.That's because it seems like (right now) we don't have all of the information yet.

This is the only way I'm rationalizing this. 5400 rent can buy 2 properties at this price point.  

If you are FlippingA - Sold Comps in the immediate area that are within 10% of the sq ftg of the property you are analyzing sold within the last 3 months B - Needed Profit in Dollars...not percentage (pay yourself first or why bother)...and don't change the number.C - Cost/expenses associated with buying property  D - Maximum Offer on property (in dollars, not percentages)...and don't fudge the number, or rationalize a different number A - B - C = DIf you are Holdinga - Rental Comps in the immediate area that are within 10% of the sq ftg of the property you are analyzingb - Needed Cash Flow in Dollars...not percentage (pay yourself first or why bother)...and don't change the number.c - Cost/expenses associated with holding property that you have to pay...not the tenantd - Maximum mortgage payment you can paye - Maximum mortgage you can afford on the property (in dollars, not percentages) based on terms you are getting from lender (unterst rate and term length)...and don't fudge the number, or rationalize a different numberf - Down Payment as a percentageg - Down Payment in dollarsh - Maximum offer you can make in order to get the cash flow you needa - b - c = de + g = h

Now, while this is a good mindset to have and it is good for a person's ego and good for those who feed off of positivity only, it's even better for those who feed of off statistical data, rational thinking and common sense - the wolves. 

I am currently trying to use the equity on the 1st home with a credit union bank , I want to do a cash-out refinance of 80k to purchase a 3rd property, but the credit union is saying that my debt to income ration is at 49% and it’s not letting me qualify.

You're rationalizing something (haven't figured out what yet) that makes this a good deal.