As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify. 

I currently have around 100k tied up in sticks right now which I would prefer to leave in and just continue to save with the plan of getting a place in the next few years, I would get a second job to raise the funds.

Take stock of your current credit score and accounts.

I think the current zoning and your proposed use as it is zoned should help. 

@Caleb Brown -Thank you--the place was purchased early last year by current owner and completely renovated. 

Currently cash flows.

., not a huge monthly cashflowing asset currently.

I'd highly recommend house hacking in your local market since you're in one of the highest cost of living areas in the US, especially if you're renting currently and planning on staying in the area for 5-10 years.It sounds sexy to go out and invest out of state for your first property.

You will need to justify the sale price of those assets to the new owner at their then current value on your books.It is a big hassle to do this, but it can make you a lot of money if you do it right and are careful in your record keeping.

I'm working on my first rental and trying to understand the best practices for how to use the template leases I can find.