I quit my job 2022, live off rental income and we house hack a large 3 level house with rents totally covering mortgage.She has excellent credit and six figure yearly income.

Conventional loans underwritten by debt to income/DTI will require 12 months due to Fannie Mae / Freddie Mac guidelines.

I have good income with substantial down-payment.

So here it isCash price:  $556,000Owner financing market terms:  $611,111Owner financing favorable buyer terms: $666,667Classic mistake of (1) not accounting for all expenses that determine cap rate and hence ending with higher net income and (2) choosing lower cap rate appropriate for property with less risk and more desirability than subject property   It's not a sellable business.

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

If you have rental(s) or plan to get one and want to decide between long/mid and short-term rental strategies taxes do play a roll if you have high W2 income you want to try and reduce you tax burden. 

Different lenders have different guidelines.More on how DSCR loans work:DSCR loans won't use your income to underwrite the loan. 

Current rents and building quality needs work, total rent income is around 5k/month, parcel is quite big 14k sqft.

Issue a 1099-INT for interest paid over $10 annually, and ensure family members report the income.

And obviously yoru cpa would have told you to NEVER use a cost seg to make yoru income zero, that would be a waste.