So if you do receive a loan based on the rental income, and no personally income, it would automatically be a non-Fannie/Freddie loan.  

The original loan docs are still applicable, but removing PMI is a little more nuanced than "automatically falls off once you hit 20% equity!"

But it doesn't happen automatically. 

It will automatically renew every month without resigning .

Pay off your balances (duh)Never close a credit card account, even if you don't need it, as doing so reduces your max available credit, and automatically increases your utilization %.Ask for credit limit increases.

If they are one day late automatic late fee and within a few days after serving a notice to quit.

For RE, you're better off doing IRR calculations to take into consideration the costs I mentioned.Low-cost index funds from Vanguard that trace the S&P 500, have an expense ratio of less than 0.1% and if you have over a certain amount, you pay 0 for buying/selling and automatic reinvestment of dividend payouts.

Offer them the idea to start renting their property on Airbnb and you can be their Co-host for a percentage of the profits (automatically distributed on app).

As a real estate agent when we have offers come in with those loans they are automatically put on the bottom of the pile due to being so difficult to close due to so many restrictions.Good luck! 

It is not automatic that you would pay back tax if audited and the hold was less than a year.