I'm a 30 year old husband and soon-to-be dad in a dead end sales job in Alabama.

Nice, how did you find this deal?

I have a job with steady income but I want to stop working by the age of 27.

It would also be nice to know what you plan to do with the property once it is built. 

Put in expensive toilet paper and see if you get comments on how nice and cushiony it is.

There are several different types of income in the US tax code.Two main types are “active income” and “passive income".Active income is money you earn from working, such as wages from a W-2 job or income from running a business.Passive income is money you earn from investments like real estate, stocks, or rental income from your RE portfolio where you earn $ without actively working.Normally, you can't use passive losses (like losses from real estate investments) to offset active income like your salary from a W-2 job.That is unless you are an RE Pro.The reality is, that Real Estate Pro status is just a filing status similar to filing married or jointly.And if you are a real estate professional you CAN use passive real estate losses to offset active income from other sources.To qualify as an RE Pro you must:1.

I went on Zillow and found this 1900 square foot house with 2 bed, 1 bath and a nice floorplan in the listing.

@Chris Kay beleive you can do DSR loans without a job as they qualify the property, not the borrower.You'd still need 20-25% down though.That's where you have a decision:- Pay down the mortgage, setting yourself up for a future refinance to free up your VA Entitlement.OR- Save up for your next acquisition.Only YOU can make that decision as you have to be comfortable with the increasing debt-load risk and the additional time to manage everything.

Job, family, retirement, location, world, moving,  etc3.  

The property has done quite well and has appreciated nicely over the last couple of years as I’ve gone through and improved things unit by unit.