Since I have that debt and hold the only income for my family, I currently don’t make enough to carry two mortgages till those are paid off.

that is also my only debt. i still live at home & single. 

Get the house in it's final condition then release possession to them.

I bought the home using the HELOCs already, so the debt in those is being considered in my DTI. 

My further research indicated that any deficit in return on original loan amount is considered a "non-business bad debt" treated as short-term capital loss, but foregone interest is excluded (because individuals operate on a cash basis). 

I have very good credit and low debt/income ratio, but the work history seems to be holding me back.

Can we discuss the pros/cons of getting a cash flow property that has a renter in it already vs. getting a new renter in areas that are not rent-controlled? Can you always offset the DTI ratio with market rents, or do...

You will need to do the math on the various other debts to know what price you can pay to actually make a good deal.Title is always an issue. 

However, if you don’t show enough income your DTI (debt to income ratio) may be too high.

It took me 5 years to get my debt paid off, credit score raised and all that good stuff.