It is possible to quit your day job, but you need a plan and sufficient income to support the decision.

For Regulation D, Rule 506(c) Offerings - self-certification is not usually sufficient as the Issuer of the Securities (sponsor or manager of the offering) has to be "reasonably assured" that you are Accredited.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

County recorded documents are necessary and sufficient, IMO, and until blockchain technology can show a better, faster, cheaper alternative, it is a non-starter. 

Then make sure you have sufficient reserves for emergency repairs.

Real estate is an in-efficient market, that's why banks require 25% down - that is deemed a sufficient buffer in case a property has to be liquidated.

I have tier 1 credit and according to the bank there's roughly $140,000 in equity in my home, but my debt to income ratio is not sufficient. 

One piece of advice I would recommend if you want to go FHA is getting to understand the self sufficiency test for 3 and 4 unit buildings. https://www.newcastle.loans/mortgage-guide/fha-self-sufficie... 

Here are a few options you might consider:Home Equity Loan or HELOC: If you own another property with sufficient equity, you might be able to take out a home equity loan or a home equity line of credit (HELOC) to cover the $140K.

So, obtain sufficient insurance if you don't have an LLC.