They required 2 years W2 income to count toward a debt/income ratio.  

(I currently have 2 rentals, but they don't really count because I have a PM manage them)Beyond the "you need to work up to that level" advice, what other advice or pitfall warnings can you give?

high unit count.  90+  .  

I have lost count of the number of times I've inquired about a property and haven't heard back. 

Through the years I have gone through more of them than I can count.

If I get a property under a land contract say for $100k and the monthly payment is $700, will the $700 payment pay down the $100k?

I have actually heard some people who go this route that pretty much count on the new owners defaulting at a somewhat high rate.  

I have heard that after two years of rental income it is counted more towards your income.

That 40K is going to count towards something.

There are over 20 Meetup groups in our region alone (and counting).