Specifically, my question is whether you can acquire a short-term rental, then immediately turn around and use the income from it to qualify to purchase another property.

@Mary Eubanks   Yes, you can get a second mortgage up to 95% assuming the borrower qualifies of course. 

If I had the 20% down, qualifying for the loan is easy peasy. 

And these tenants will never be able to afford or qualify to buy a home of their own.

I've been thinking I would like to fix the outside landscaping/fence/Kitchen cabinetry and roof so I that I can get the max rent or just sell and buy in the midwest, 1031 exchange (not sure if I qualify).

The cash out does depend on a few things like neighborhood appreciation with strong sales or renovate and refinance on the ARV (After renovation value).When you buy a 2-4 unit you get to use the rents of the other doors as income to help you qualify.

Can it still qualify for 1031 because the rule is u have to live in it or rent it for 2 out of 5yrsSecond, if I buy a property, renovate it and sell within 3/4 months, can it qualify for 1031 because I heard u have to hold it for 1 yr.Is coop sale and exchange with purchase of single family home "like kind" of exchange?

One of my clients was a W2 employee before starting nursing school and she bought a home prior to quitting her W2 job so she still qualified.

If you desire to keep the property after three years of moving out, you can sell it to your controlled corp, and you will still be qualified for the $500,000 gain exclusion.

At some point, I will get my real estate license to get access to the MLS and to qualify for seller financing, but I am also debating whether I should get the license before getting a real estate job or simply before I am ready to start buying my own properties.