There is no need for any of your personal income or debts to be counted- instead it uses the anticipated rental income from the subject property.

It becomes a supply and demand issue, with rents possibly going up more than anticipated. 

I am anticipating my inspection in the upcoming week or so, I will keep you posted on how it goes.

Lots of lenders offer programs that use the anticipated rental income from the property instead of your personal income and do not have limits on the number of financed properties.

For an investment property, the most common type of loan is a debt service coverage loan (DSCR) which qualifies you based off the anticipated rental income of the property.

You cannot use the anticipated rental income to help qualify for a second home (or else that would make it an investment property) and you can put a long term renter in there a year after owning the property.

Found an A+ tenant immediately, paying over anticipated rent Lessons learned?

Perfect, that is more or less what I anticipated...thank you very much for your help

Turnkey purchase should be easy, enter in a contract, have it inspected (anticipate minor issues, not major ones like I mentioned in my OP), rectify those minor issues, have it appraised (negotiate if appraised value is lower than sell price), close and move-on.On to another provider, I am hopeful of finding a reliable provider soon.

My question is, is it still bad faith to negotiate price now that I know the building looks like a money pit of updating for the foreseeable future and not the deal I anticipated during the discussions.