I need some help regarding the math, behind how to figure out how much of my current debt I need to go ahead and pay down/off , in order to meet the requirements that my Lender is requiring via my Residual IncomeCurrently, I have $8,000 in credit card debt , and given that, with my Net income from my last 2 years of taxes, I qualify for just over a $60,000 loanI am wanting to qualify for a $80,000 loan, but my Residual Income is holding me backIs there a Formula that I can use, that will tell me ..... for every $1,000 of my current Debt that I pay off , It will increase the loan I can qualify for , by X amount of dollars ?

@Jason Powell  I'm assuming you have all credit cards paid off and other forms of consumer debt. 

Anything past scraping popcorn off ceilings can be tricky, especially if this is your first venture with the person.  

I do Not use credit cards but there is an option to.  

I find CMHC and stats can way to broad and they can lag a couple months behind, I use what people are actually paying within the last couple months to determine my rates for maximum rental rates.The best part is its broken down with points on the map so you can check specific areas and neighborhoods down to the street.Samuel,That must be a regional thing as sites like PadMapper, Rent Donkey, etc tend not to be any more useful here (Maritimes) than what you can scrape from Kijiji yourself.  

Legible copy of driver license and social security card I am also attaching the following forms that you will need to complete and return ASAP: 5. 4506T (request for tax transcripts) 6.

Personally, I think you can make an argument either way, especially if you don't have many personal assets to protect should something go terribly wrong.That said, I err on the side of others who have responded already, and would recommend taking the plunge to set up the LLC.My brother will be purchasing his first rehab investment property next month, and my advice to him was to set up the LLC, meet briefly with an accountant and an attorney (just to have people to call in the case it's necessary) and apply for a business credit card and business bank account to ensure that he's segregating his money for better accountant and to support his future tax returns.

I send my tenants holiday cards every year.

After they earn your business with running comps, feed them some business.If you belong to an REI club, take them to a meeting and introduce them. especially new realtors.Ask for a few of their cards, you can pass them out in the right situation.See if they need help, you can learn while you assist and they can help you.Good luck...

These are the same people that don't know how to handle a credit card.'