Ironically, although it’s not within walking distance of the local university, the tenants are a young professional couple, both employed by a local university.

After running extensive screenings (background/credit checks, references from employers and landlords), the tenants have split up and are breaking their lease after a month and a half.

This was not easy when I was still employed but I knew what I wanted so I made it happen at the cost of sleep and the regular things most people do with spare time.

My current employer does offer some matching though so thought it was always best to at least capture this, not to mention my employer only lets me contribute up to about $8k towards my 401k.And yes John it seems kind of silly of me, but I work enough as it is at my current job, so when I pick up extra shifts I don't want to do so unless I am getting a decent amount more than base pay as opposed to my calculation of 1.1x base, otherwise I rather spend that time doing different stuff I enjoy like learning about real estate lol (which if it isn't apparent I have much to learn).Thanks again!

Anything you collect make sure you keep secure and have the tenant authorize you collecting and using this information to pull their information along with an authorization for you to be able to collect information from their references, such as past rental and employment. 

A real estate broker's main office shall have prominently displayed therein the license certificate of the broker and all licensed persons in his employ and shall be deemed the business address of all licensed persons for all purposes under chapter 15 of Title 45 of the Revised Statutes.45:15-3.

It's ordinary income, added to your salty so you can look it up on a current taxes schedule, plus add 15.3% for the SS/med self employment.

They certainly don't come to mind (for me) as one of the major employers in the city, so I don't anticipate much impact here.

My lender told me I could not use it unless I have 25 percent equity in my current home or my place of employment is closer to the new home.. is this true and has the rules changed?

No Income/Tax/Employment documentation whatsoever.