You can count up to 75% of the rental income from each unit BUT you have to pass the FHA self sufficiency test.The FHA (Federal Housing Administration) Self-Sufficiency Test is a guideline used for evaluating the eligibility of borrowers looking to purchase multi-unit properties (specifically, 3- or 4-unit properties) with an FHA loan.

✅ Low operating costs✅ Low crime rate✅ Low risk of a natural disaster✅ Sufficient population to have economic stability, major highways, and a major airport.

You may also be running into the FHA self sufficiency rule if it is a 3 or 4 unit property.

Even with a lease in place is there an option to terminate contracts with a sufficient amount of notice?

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.); the sufficiency of estimated insurance proceeds from ordinance or law insurance and other coverages to repay the Mortgage Loan in the event of partial or full casualty, or condemnation; and for a Tier 3 or Tier 4 Mortgage Loan, if requiring execution of the Limited Payment Guaranty (Form 6020.LPG) would mitigate the risk of the as-rebuilt Property not supporting a Tier 2 Mortgage Loan.

While they are indeed somewhat arbitrary, they provide a straightforward framework to filter out properties that are unlikely to meet my investment criteria.1% Rule: This rule helps ensure that the property generates sufficient rental income relative to its purchase price.

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My CPA says it is sufficient for tax purposes to have records of invoices from the PM to me. 

This alone MAY be sufficient for you partner to believe that you will NOT “do nothing” and he may at this point reach out to you.2.