Lastly, if you have cash in the deal for appraisal and closing costs like you said, you count that towards CoC 

This may involve her offering you owner financing with your deposit counted as a down payment and then with an extended time before you begin to make regular payments. give yourself enough time to due a 100% due diligence and to sell the house.

I know often employers don't want to add another head count to their tax docs. 

@Josh Mitchell,  to be clear, do you mean if we do a conventional or any type of loan with her name on the mortgage, it could still count as income for me as long as it's a rental property and for two years?

Without counting your three months in the summer at substantially higher rent, paying $395,000 for it wouldn't even satisfy the 1% rule, would it?

The income you'll generate from the other two tenants will count towards your annual income to qualify for the loan.

Yikes, I would definitely not just look at the defendant list and leave it there.If Bank America is the first lender and then they give a second loan at a later date and then they foreclose is that not counted as the one party? 

Wholesaling and Flipping interest me most, although I'm not counting out other investing avenues.

That sounds good and all but the bank does not count that as income, and obviously will hurt me in the process of getting approved for a loan.

I was also told that the two houses count as a liability and not an asset until I have two years experience as a landlord( Debit to income ratio is to high).What is the quickest way around this problem?