If you are renting for $1200 a month and can't then you have lost that income for the year, so you are really at $1100 a month. 

Wholesalers always like experienced investor but people just starting also need deals and they simply just don’t know to go to wholesalers if you can build their trust of wholesalers it can go a long way, then introduce them to hard money as a way to finance the rest of the deal- they don’t need income verification with hard money good luck :)

Do you want to generate passive income or are you okay with negative cash flow?

Proof of income will only be the property’s current rental cash flow. 

$200k is almost half the median income.

Politely decline those with poor credit or insufficient income.

I'm sourcing CREs and MHPs.

Specifying your requirements will enable you to focus on homes that meet your objectives and help you narrow down your search.Finding the ideal property may be made easier by using a variety of sources, including direct mail campaigns, real estate brokers, wholesalers, networking events, and internet listings.

But short term an auto loan will only take away from your income/ability to afford a mortgage.Most lenders will allow for a credit score as low as 580 for FHA and 640 for conventional loans.

It can serve two purposes, provide a roof over your head and still provide some income to OFFSET your LARGE MORTGAGE payment, since you are considering putting 5% down.