Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

In order to execute on any of the strategies from #2, you will want to a work/income history and decent credit scores.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

How much income you'd want from the rentals and when you want that income to happen by. 

One thing to be aware of is the FHA multifamily self-sufficiency calculation which determines if a property can generate enough rental income to cover its mortgage payments.

The expectation here is more income, assuming that your property is in an area where furnished rentals are in demand.

Are you able to request their balance sheet / income statement?

Rental income carries the debt service 100% How did you find this deal and how did you negotiate it?

May give you enough income to lower your DTI.

This could help decide if the income is enough.