@Andrew Postell Thank you Andrew That was so helpful, Can I count on you for more questions that I have?

Projected rental income won’t necessarily be counted at face value during the application process.

Your best bet for counting the income against your wages is to use the 25,000 landlord exemption https://loopholelewy.com/looph....

The lender will count your education plus the job ( since it's in the same field as your education ) so that you have 2 plus years in the field.I hope this helps and have a good one.

When running numbers, do you count the 20% down as part of the calculations for cash on cash return even if the HELOC cash is coming from a rental property?

Side-bar....Thankfully, the QBI rules say I can also count my contractor's hours, so I should have no problem achieving the 250 de minimus safe habor for 2019.4 hours per week is not particularly stressful, but I agree it is not--as many have pointed out-- truly "passive" investing. 

Hi Timothy,We did not have financing issues after acquiring a property via quitclaim deed, however we were getting property significantly discounted to take the additional risk (we did not have previous existing relationship with owner).Some other challenges/potential landmines you should be looking for are:1) 6 month delay between acquiring a property and being able to cash out refi using appraised value versus purchase price (applies if you are getting a conforming loan)2) Not counting on minor renovations to add significant equity3) The appraiser will most likely only consider a sales valuation approach and not consider the income valuation method, so make sure you are projecting your value based on what you can sell it for after your reno.4) Don't wait for a renter.

Where is the property and what’s the bed bath count?

Don't worry about the hit to your credit from applying - it's marginal at best, and as long as you close on a loan in the near future, any additional inquiries from lenders aren't going to count against you.

Every little bit counts.