It is what it is.So, pragmatically, you've got to Hustle Like a Wholesaler (HLAW) (tm) (yup I just made that acronym up and I'm going with it) and SELL to make it happen w/ FHA 3.5% down in the MFR space in a hot market.

Require all tenants age 18 or older to sign the lease/rental agreement as jointly and severally liable.If, as a household, they meet your minimum criteria to rent, do so.

I asked the person if anyone in her household smokes, and she says no, and then I see on her FB page a video where her husband smokes and she comments that they are smoking before going into a hotel - why should I not believe it? 

Don't wait to get started though, the market is hot right now but that doesn't mean it'll cool off anytime soon, it could continue to rise for many more years.

One of my clients does very well building in the sub markets of the "hot" market.  

If the house hold supports 5 adults and a child then the well should to. 

The market is "Hot" right now, but I fear an upcoming "Bubble" soon.

It isn't SUPER hot in the warmer months but it still gets pretty warm.  

What I've bought out of state has been fairly new construction and while there is maintenance (garbage disposals, hot water heaters, etc.) that's a far cry away from demoing walls.  

My line of thinking is that lenders take into consideration household income.