Hi all,I am a first time real estate investor in the South Palm Beach County area, and am looking at a few properties online (mainly Zillow and Realtor.com) and trying to run some numbers.

For income verification, I plan to obtain a copy of the employment contract.

My goal is for REI to eventually become my passive and active income.

I am talking about current operating assets: what did they underwrite for rent, other income, RUBs, taxes, maintenance, turn over, etc.  

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Do you show enough income on your 1099's or tax returns to cover a new mortgage payment. 

I have helped clients in your exact situation in the last few weeks.You do not have to refinance that loan to purchase another home.In fact, you can purchase a new single-family home with 5% down and turn your current home into a rental.You can even use the rental income you will get from your current home to help you qualify on the purchase of the new one!

When I was self managing I would have paper applications and I had an online company run the credit and background.

But you should be able to find a 30-days notice to vacant for your state online. 

Since you've got a great source of income outside of that, you stand a chance, but the rates and terms you'll get from a bank or credit union for a non-owner-occupied investment property won't be as low as you think.