@Steve BabiakThanks for the info, I don't have any experience in tenants owning businesses and I will keep this in mind.Most businesses are able to "conceal" true income with fancy accounting.

B'now you figured out your option and all them fancy papers didn't lock that place up like all them gurus said it would, nope, you got nothi'n cept the right to buy during that period of time.

When you go to their office to meet with them don't be fooled by a big fancy office with a lot of employees.

4 - Be sure to calculate an appreciation factor for the land itself - hopefully the land will keep pace with inflation, which will partially off-set the depreciation of the homes.Lastly put all this in a basic excel or google drive spreadsheet - doesn't need to be fancy - just the line items of revenue, expenses, appreciation of land and depreciation of homes - and get your total $$ number for each year (projected) then divide against the value of the entire investment to calculate your ROI.

Both Fannie and freddie (as of 10/26/15 or after) now do not require 2 years landlord experience (fancy speak for 2 years rental income on tax return) any more to use your rental income.No one here has mentioned it correctly but its key to note that "rental income," calculation is different on primary occupied properties than it is from non owner/investment properties.So to answer your question correctly as a non owner/investment property, yes it does offset your mortgage payment.

To prevent people from feeling bait-and-switched, I personally do not put interest rates on my preapprovals.FHA upfront funding fee (UFMIP is the fancy acronym) is typically financed, and the same for everyone on a purchase.

Don't go out and buy a fancy car like most college grads do.Next, PAY YOURSELF FIRST.

Dress like a pro.There is a chance the tenant won't show and it's a easy win.

If i would have paid $1-3k setting up some fancy pants legal structure, I would have never got started.  

The 11yo paints and is learning to cut in.They don't have fancy I-phones or the most stylish clothes like other kids their age and they don't care.