Alternatively, you could pursue a hard money loan for rental financing which wouldn't require certain rental income to qualify. 

I am sure there are qualified people to train you, but I would warn you to have anything Pace Morby or anyone else teaches reviewed by your attorney.  

Although, if they do not have stable income, based on our requirements (3x monthly rent) the sister alone would not qualify.

That kind of thing :)In defense of the dumb, I have been saying we are in a bubble since 2009 but I have been blown by by many investors I think were less qualified bigger egos etc. 

They simply click the button to submit a general inquiry without knowing anything about the house, the location, or the qualifying criteria.

We would like our home year three to be FHA as well.Hey Leah, when it comes time to refinance you can as long as you qualify for a conventional loan with a credit score of 620 or higher and have 5% – 25% equity in the home.

I'd still say for go for it if you can find a property that qualifies, but be thorough in DD about the regulations/permitting.

Do you prefer to have an open "application period" to collect applications and then make a decision based on the "most qualified" or do you take the first qualified, even if on a personal level they put off some red flags.

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

In order to get started just make sure you have high enough W2 or self employed income that you can qualify for the monthly mortgage plus savings for the down payment and closing cost.