If you are chasing a property worth $1 million, 6 months might not be enough time, depending on what kind of property and what work it needs.

what I am not doing right now is committing to new projects TODAY at these high prices and with so many newbies chasing deals. 

I love the fight that goes into the chase, and realize the battle that's in front of me.

I'm just gonna cut to the chase.

I'm just gonna cut to the chase.

Most traditional banks (Chase,Wells Fargo) only allow you to possess 4 conventional loans at a time and you must have the income to prove you can pay all 4 payments.After that you need a portfolio lender to continue adding rental properties at higher interest rates normally depending on your credit history and ability to keep full occupancy.I am not a mortgage lender and don't know about how your "spouse" affects your ability to borrow since you are not legally married.You really should have a business contract drawn between yourselves if you are cohabitating and doing real estate and other financial business together.

Don't chase money.

Besides what I just said, there are so many other factors to consider- depending on where the property is located there may be other buyers willing to pay the full asking price without any concessions, if that is the case you will spend a lot of time chasing a dream.

I recently sold my home in California and moved to DFW to chase my REI dreams.

Generally lenders are strict for investors with bad credit but they can be more lenient with you since its your home.I would start by getting with a mortgage broker or local credit union (more flexible than typical bank like Chase) and figure out how much you can afford without a renter. the reason being that the bank is going to take this approach as you are a new investor.