They take into account the tenant's income, other housing costs like utility bills and market rent for the area. 

Persons over 65 account for ~14.3% of the population.

If you qualify conventionally, any bank will use your income, credit and assets to get your loan completed.  

I've gone through eviction court proceedings, ran thousands of background/credit checks for application, made numerous leases, dealt with repairs and whole house renovations when a few tenants nearly destroyed properties, and worked with property management companies on the HOA units. 

That way accounting seems to be more likely to be correct.Good Luck

The guidance from your tax expert appears to be somewhat accurate, however there are certain details to take into account.

I'm not quite there yet myself as the acceptable low barrier criteria credit score is super low. 

Your work is worth a "dollar amount" to be credited towards equity.  

@Cliff Durrett  - thanks   1) family  2) friends  3) reitement account loan 4) personal loan from your bank 5) leverage a car  ( unlikely to obtain from a bank or credit union )  6) local bank / credit union 

Although we did extend it and we did negotiate that our option payment would be a full credit to the purchase price so NO INTEREST Carry for us..