I have owned out of state too in Colorado and Texas.

That's the way it works in Colorado anyway.

Usually they only calculate 75% of projected rental incomes.Your other options: Co-signorKeep searching for another broker/lender (you'll probably get worse rates)I would consider a lower purchase price multifamily if possibleRegards,

Hi Brian,Your questions depend on issues of -experience in property management-Cash reserves-good attorney and title co-time constraints@Brian Olson

I'm a Loan Officer and Real Estate Investor in Colorado, California, and Hawaii.

I have a parter who was a GC up until 2008 and is now a supervisor for a mid size construction co. 

- Could that involve co-signing a mortgage (or something like that) with someone else who fulfills the residency requirement? 

We simply called the listing broker and told her (A) we're cash buyers, (B) we're licensed realtors, not looking to co-broke.  

I gave my $300,000 move-in ready beautiful vacant home to this large well known local co in Oct 2016.( Ive owned and self-managed another very similar rental in the same subdivision-- since 1998--and it has never had one day of vacancy in 16 years-- rented at $1860.This professional pm co put all utilities in their name on my new property and turned the hot water heater ON and the Water ON ( even tho the main water cutoff valve is easily accessible in the coat closet beside the garage.They let the property sit VACANT OCT-NOVand on their "routine inspection on Dec 1, to make sure hobos had not moved in" they SAW the water heater in the garage was spewing (at full blast) A 20' stream/ fountain of HOT WATERand that the entire finished closed garage was covered COVERED !!

In terms of ideas for truly passive investments, I have taken a keen interest and made multiple investments with a firm that offers interests in co-owned portfolios of 10 SFR in the midwest.