Get a qualified contractor to verify the cause and then make the necessary repairs.

Keep in mind that passive losses from rental properties can only offset passive income unless you qualify as a real estate professional.

Remove those and the Net S8 Rent will be market rent.Typically, the only way to get more than market rent is by buying in Class D areas and hoping a S8 tenant will live there instead of a Class C area.Keep in Mind: TENANTS QUALIFY FOR SECTION 8 FOR A REASON!

There are many qualified bookkeepers/accountants on these forums.

(I have a background in engineering and experience with rehabs.)It's right at the top of what I can qualify for on a personal mortgage but when I add in other revenue generating opportunities things quickly change.Before my wife and I jump into this I'd like to reach out to the experts. 

Has anyone successfully qualified for a mortgage in a similar situation?

. - The main question here is do you qualify as a real estate professional according to the tax code.

Since you're a U.S. citizen living abroad, non-QM (non-qualified mortgage) programs designed for foreign nationals might be an ideal solution for your situation.

Where I see the builder incentives and builders hurting is in starter housing or housing for rentals that investors are buying.. everything there is interest rate driven.. with land costs fixed and building cost not coming down , interest rates rising this hurts builders who are building product for those that MUST have financing to buy and are barely able to qualify IE starters..

A DSCR product is what you are looking for.DSCR simply doesn't take into account your personal income, instead we qualify the loan on the properties rental income (or projected rental income).Your credit, properties cashflow, loan to value & prepayment penalty are going to be the main determinants on what this loan looks like for you.