I hate to admit it but a lot of people (loan officers) are lazy and would rather just tell you that you need 2 years needed so they don't have to put in the legwork to see, but it is possible. 

The IRS doesn't trust you to report accurate information, so the 1099 from the property manager is checked against your filing.Any company that does more than $600 in business with you should issue a 1099.

It does appear that we need more information about actual ability to pay the rent but in reading between the lines it appears that there will be two more adults living in the property, so we have more information to gather.

If so, I'm actually insuring two rental properties with them.

so, if you get 75% of the $200K, that's $150K, minus, say, $5K for closing = you get a check for $145K.

., I would do a search on here for Galveston and you will find some info.There are a lot of STRs there so you will be forced to compete on price so self managing is going to be the way to go.

So if this $330k puts them close to the limit, and the market makes a downturn, there will be a margin call.

I used a heloc to purchase the first 4 rentals, so $155k of dept is wrapped up In  that until I refinance each property which have already appreciated extremely quickly given the current market. 

I am majoring in Architecture so I will be NCARB certified and have a license in the future.

So if you had a $100k gain and did an exchange from a $900k property to an $800k property you would owe the same taxes (on the $100k gain) as not doing an exchange.