But short term an auto loan will only take away from your income/ability to afford a mortgage.Most lenders will allow for a credit score as low as 580 for FHA and 640 for conventional loans.

Or a $1million paid off property you could keep for the income, depreciate for the tax writeoffs, or sell and net $920k tax free.

To add to that, where high income people are moving. 

We have to do a no docs loan as we don't have enough personal income to qualify otherwise. 

If so, knock that down to about 40k income. 

If you are new to this type of investing, I suggest you pick up a copy of Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending published by BiggerPockets.

I ask because I don't see many listings online that don't include much detail...and wondering if I should.All 18+ applicants must complete the application and pay the application fee.Credit score of 700+, No bills in collection.Steady employment or other acceptable source of regular income for 3+ years.Gross monthly income at least 3.5 times the monthly rental rate.Monthly payment Debt-to-gross-income ratio no higher than 40%.

But then also non-traditional type sources (lite doc, more flex underwriting, no personal income docs, etc.).  

Her income will not count towards the new mortgage as she just finished up lengthy stay at home mom duties. 

you should get a RMLO or an underwriter to qualify the borrower. if its owner occupied and in florida you also will need to use a third party servicing company to service the loan which will run you around $450/yr. not an accountant but its my understnding unfortunately the interest income is going to be taxed at ordinary income and the principal will reduce the principal. how you offset the losses talk to your CPA.your best bet honestly is to just sell it and bite the bullet.