Hi guys,I have a question about financing...Just considering options... say your wife has a W2 income from her job and you have a W2 income from your own S-Corp(and your business has been around for at least 10 years but with fluctuating W2 income) and then your wife considers taking a break from her W2 income to recover thoroughly from her illness... outside of the W2 income we do have $30k-$40k cashflow from existing rentals.How hard would it be for you to get conventional financing with this scenario (losing a more consistent W2 income - even though her W2 is lower than yours) to finance our SFHs purchases?

Since this would be our first rental we'd like to give management a try before we decide if we are up for the job or not.Do you make enough monthly income to cover your new mortgage and your current mortgage and still have enough to cover your bills?

I just bought my first property last October (duplex in St Paul), and I work a mix of W2 and 1099 jobs as a violinist.  

Not looking for Job; have one of those already, instead, I have A LOT of boring free time. 

Of course, eventually it'd be nice to live off some passive income via real estate investments, but I actually love my job and am not concerned with needing to quit or put all my eggs into the RE investment basket right now.

I have good credit and have been on my job for 7 years.

We have gutter helmets on our house. they do a decent job. 

Kind of like Swanny did.So for most this is not feasible given work schedules etc..

Normally, both income and expenses are reported on Schedule C of the 1040.

Your best bet, in my humble opinion, is to find a 2-4 unit where there is 1 vacancy, or 1 lease that will expire within 60 days of COE (for you to live in), and STAY at your W2 job unti your purchase is complete so that you don't have to wait another 2 years for job seasoning.There are also first time home buyer programs that can help you with down payment assistance if you are short on funds.