It is distressing to realize that as I retire I will not be eligible to use the bank to buy my next home.

Understanding this, there are three reasons why single family investors fail to maximize the potential utilizing the  SFH investment strategy: (1) This investor buy SFH's singularly focused on cash flow and ignore the fundamentals that are strong indicators of market appreciation and the transition event to higher home ownership.

I agree some some posts here... yeah, you cannot just skip deducting expenses since that does break some fundamental rules.

@Nick Sansivero, is right that you may be eligible for a proration. but it is not automatic. 

I think people have a fundamental misunderstanding of the goals of the lawsuit & even of doj, the goal was stop what imo was clear collision & basically make real estate more like any other business, there is no public list that shows the average amount a lawyer or doctor makes, people go see what services they are offering, see if they like a person and make a decision on value, some lawyers or plumbers make more than others, I have a a plumber for instance I’m probably “overpaying” because I like the guy and he shows up and does good work.

and if you can't get approved for a conventional loan, you may be eligible for a DSCR loan.with that said... i am extremely skeptical that you can cash flow $500 a month including the debt service on the mortgage AND the HELOC plus all the expenses. 

A few years earlier in 2012 I had filed for bankruptcy and was just now eligible to buy a house.

Look at the topography and terrain to determine how.Evaluate fundamental infrastructure and service availability, as well as expose examples like wetlands and flood zones, protected lands, hazardous chemicals etc.

For conventional loan amounts on primary purchases with 5-10% down and even FHA eligibility, but I'd imagine the properties that qualify are more specific?

This approach, which might offer a more dynamic and potentially rewarding financial strategy, fundamentally differs from the "save an emergency fund" mentality.