I have not yet owned a home; that being said, I would not be eligible for the HUD FHA first time home buying option at this time b/c I'm self employed.

Is it possible to get a loan like that with just 1 year of self employed tax returns? 

Who are the main employers in town, where do the people get their income from, what's the town's growth pattern and how far is it from the major MSAs. 

I've always wanted to be self-employed.

., a self-employed solo 401k plan) can be invested directly in real estate.

Hello Bigger Pockets, I am accepting a position with my employer in Fuquay-Varina, NC next month.

Study employment, trade, commerce and industry trends.

From a tax perspective, the S corp could help you save on self-employment taxes.  

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.

I take applications, run credit checks, eviction checks, employment checks, in addition to asking for W-2's etc.