That aside, if the tri-plex was managed or you have financials you can see what the annual costs are and derive a monthly figure from that.

As far as taxation, if he is overseas and he is the one actually deriving income from the US and not paying taxes in connection with the foreign income, BIG problem.

You have to be able to maintain minimal emotional involvement in the property, you must be able to view it as an asset on which you derive income.  

@David Faulkner  I don't disparage SFRs, but do understand the principles used for Comps vs Economic Appraisals, which clearly you do not-- CapRates are a derived number and do not predict a FMV. 

Income that is derived from inheritances/other non-marital funds can also be considered non-marital.

The 100 mile rule that Chris mentions is true also so you'd need to meet both in order to use rental income to qualify however, if you have "enough," income to qualify for both homes with out "rental income," then you can avoid these pesky guidelines.Below are reminders of several sections of FHA Handbook 4000.1 that apply to the “FHA 100 mile rule” Departure Residence Rental Income: Using rental income from a property being vacated by the borrower: If rental Income is being derived from the Property being vacated by the Borrower, the Borrower must be relocating to an area more than 100 miles from the Borrower’s current Principal Residence.Multiple FHA loans: A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA– insured Mortgage if the Borrower is: Relocating or has relocated for an employment-related reason; andEstablishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence.Military Personnel / Occupancy: The Lender must obtain a copy of the Borrower’s military orders evidencing the Borrower’s Active Duty status and that the duty station is more than 100 miles from the subject property.

Think of it this way: There isn't a lender anywhere who will lend on the rental income derived from park owned homes, let alone lend on a pad that doesn't even have a home on it!

In other words, equitable titleholders derive indirect benefit from the property's appreciation in value.

Assuming you derive your monthly income from investing cash flow is necessary where as appreciation is simply a bonus for having invested in a smart income producing property.The strangest thing about most appreciation investors is that they usually never realise their gains since they are reluctant to ever sell and can not pull out cash due to the further negative impact on cash flow.

The word mortgage is derived from 'muerte', which means til' death.