He is my employer, and is self-employed in a similar situation.

I've been self-employed for the past year and my income has been good, but I don't have a history of income for previous years.

Cash flow is pennies on the dollar compared to the cost of the asset, it is more of a defensive measure to ensure you have liquid assets to maintain the property. 

We self renovated the home, took a year and about 30k of our own money. 

Ive been a long time browse and listener of this forum and have been looking to enger the market for a while now but the opportunity never showed its self untill now.

Something else that concerns me is that I am self-employed, and new to it as well, so I fear I most likely will not be able to qualify for traditional financing to buy properties.

Do we manage our rentals our self?

Accountability to self & your network.

My dad is a self-employed owner of a plumbing company that has been around for 12 years, he is a 50% owner with his partner being the other, and they are an LLC that is registered as an S-Corp.I have been working with a lender for the past 2 months, and between a lot of back and forths, we were finally able to figure out how to work in enough deductions back into his income in order to get his income underneath the required 50% DTI in order to qualify.

I self manage all of these properties from the East Coast, so have a lot of good knowledge The others mayfind useful.