Is there a way to just use my base pay of $12/hr to qualify now?

Once you know what you can actually qualify for, you can figure out the answers to all your other questions. 

The 203k is a perfect vehicle to help you start your investment portfolio- some great benefits include: - ability to use future rent as a qualifier in your debt to income ratios- ability to finance up to 6 mortgage payments if your home is deemed uninhabitable These are two really good provisions that can help investors (House hackers) to get started! 

3) Due Diligence (Local help in evaluating zoning requirements, quality of neighborhood)4) Contacting Owners (Filtering owners who are interesting in hearing an offer)5) Making Offers (May be making 10-20 offers a month, low yield)Is it likely that I will find skilled agents or professionals who will put in the work with me? 

Thats one of he benefits to syndicating and working woh other investors- easier to qualify for loans with multiple guarantors.

Luis, as you know everything is a pain in the *** in PR, and the government has their hand out at every turn. i think some of the issues are that rents are not that high, and finding qualified people are difficult right now, especially when people are not working. it sucks, but its the facts.unfortunately the properties don't appreciate well down there, so you would be buying for a long term cash flow play. 

Definitley dollars to be saved doing things yourself and having relationships with other skilled guys to avoid replacement, especially old school construction.I saved about $4200 skirting a t-111 sided house with rolled 10" flashing to satisfy an earth to wood appraisal sub2 on a sale a couple weeks ago.

There's always a high demand for homes, qualified buyers, perfect weather, and so many other great things.

You will get to take the gain prorated from the time of "qualified use" (as primary residence) tax free. 

So I have been talking to different lenders trying to see what I qualify for and apply that to my analysis.