I'm a local youth pastor in MN and I'm looking into getting started in real estate so that I can provide extra income for my growing family.

Figured there would be a few data points left out of the equation' that I would need to circle back with :) .There are additional units not rented at this time which could be rented to increase the income.

Typically 75% of rental income can be applied towards your DTI for qualification. 

They lower taxable income for federal taxes but not for FICA.However, employer contributions made by the S-Corp are not subject to FICA and count as a business expense.Make sure your W-2 correctly reports wages, deferrals, and FICA wages.

Would it be smart to tack on another 203k in the future assuming my income covers payments?

Your parents can look to reinvest the remaining proceeds into a DST, tenancy in common investment, NNN, that are passively managed.

No one will ever take care of your property like you will, but Avantstay is the closest thing I've ever had to the fairy tale of passive investing in real estate. 

.🔹 How It Works:If your rental income falls short of covering your mortgage (PITI), you can use liquid assets to supplement your income.

Co-living, on the other hand, mitigates this risk by creating multiple income streams.

Multifamily properties provide higher rental income and lower vacancy risk, but they require higher upfront costs and more management.