You cannot normally count the rent as income on a mortgage for two years.I do give you credit for thinking a lot of this out though!

Yes, you need a track record to get your short term rentals to count.

Then, my inlaws have agreed to take out an equity line of credit on their house and are going to have a little more than 40k in money that they are going to allow me to use.

I suggest you make sure they are qualified (income, background, etc.) and set them up with a credit repair agency so they can purchase the home before the option expires.

There are factors that play into those percentages such as what state project is located in, your credit score, funds you have available, experience, etc...

Even if you are able to buy a house with "no money down", if you have a problem and no way to fix it, you're headed to foreclosure and another 7 years until your credit score is back up so you can obtain financing again. 

Less labor for the deleader ( = less cost to you) and if it's occupied, you need to cover the cost of housing your tenants while the work goes on.There are tax credits for deleading and loan programs in MA that you can use that don't have to be paid back until you sell the unit.

Go to a credit union and inquire about a "porftolio loan" typically 20% down, 20 year amortization with a 5 year rate adjustment.

Bill tenant for overage but no credit for underuse.

So no instances of regulators using websites to track down and prosecute MPH owners then?