@Nicole De Lia make sure you use conservative rents, high for repairs and expenses, high on property management and also if your taxes are very low then factor in that your taxes may go up sooner than later.

I like to be over conservative here because having extra money left over after taxes will put you in a much better position than not having enough. 

And even there I might be too conservative depending on the impact that Foxconn might have on the Milwaukee metro market.

(May be able to do over time)Currently renting below market for total income of $4,850 (month to month)Based on my knowledge of the area, and running comps, "Market" rate would rent these for a total of: $7,800I am running my income projection at about 80% of that: $6,350 (to be conservative) once running and maintenance is cleared.Expenses will depend on if I choose an equity partner or do hard money and refinance with a commercial loan.  

Just add the PM fee into your underwriting analysis and be conservative.  

So they're being excessively conservative, in my opinion.As long as your CPA agrees with my position (does not matter which spouse or both own the property) and is willing to defend it before the IRS - you're good. 

Im hoping to get some creative answers on how to overcome this scenario.My scenario is a little unique, as I currently have been renting out my primary residence part time on Airbnb for the last 1 year of 4 months bringing in 3,000 a month conservatively($4,500 this month, which is a record for me).

I would try and get a multi-unit property, although I'm not a US investor so correct me if I'm wrong, but by leveraging it as a 20% down payment, you're able to get a 4 or 5 unit property, which, with the right property, could be a cash flow BEAST, but I would be sure to factor in everything conservatively and definitely keep property management in mind. 

I strongly recommend you stay conservative with your Analysis.

I was trying to use "worst case" numbers and be fairly conservative.