When I do the 4 square method just basing it on the other 2 rental incomes we have negative cash on cash return and negative Cash on cash ROI. 

I fund A and D  I dont work in the trench's and try to do these for my own portfolio as I have ZerO interest in owning a ton of rentals.. we are just interested in income..

When qualifying in this regard, since this is considered variable income, you will need at least 12-24 months of receiving this form of income, in order to use it for qualifications, similar to travel nurses.

I have almost no capital to start, but have a steady income from my day job.

House hacking right now in many areas will be at a loss, but less of a loss than owning something with no income coming in on it.

Being that you will be living in the property you will have a hard time holding tenants accountable.

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

I didn't realize my company has two accounts.

I just don't really recommend selling a property that you're doing well with in terms of rental income and appreciation. 

DSCR loans won't use your income to underwrite the loan.