Yes, you can use it, but you'll likely need 2 years of tax returns for your self-employed income for it to count (if you're trying to get a conventional loan).

The FHA identifies the following benefits: Low cost -- FHA-insured loans have competitive interest rates because the federal government insures the loans for lenders.Smaller down payment -- FHA-insured loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.Easier qualification -- Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.Less than perfect credit -- You don't have to have perfect credit to get an FHA-insured mortgage.

It most certainly is not a method of analysis on which you would base a purchase decision - for that you want to breakout your favourite slide-rule, or spreadsheet, and carry out a full discounted cash-flow analysis of the property over a projected hold period.If not already in your library, I would suggest picking-up a copy of @Frank Gallinelli's "What Every Real Estate Investor Needs to Know About Cash Flow" and working your way through it as a starting point to property analysis.

I compiled a bunch of my resources in this BiggerPockets Blog Post I wrote on Investing out of state.It includes tool to use to check on employment, think through your goals, etc.

Loeffler, but does he still advocate the employment of rent credits?  

I am from Houston, Texas , Self-employed Records Management business for over 16 Years.

Be professional, carry yourself in a mature manner and be methodical in your ventures.

I was born and raised in Canada, but am a non-resident who is self-employed in the U.S. and file all of my taxes in the U.S.

Sometimes the simpliest marketing methods work the best. 

@Luisito EspanolaIf you are self-employed with no employees, look into opening a solo 401k as it will allow you to reduce your taxable income by as much as $53,000 or $59,000 if you are age 50 or older.