what if the laws changed and that impaired your ability to get income you needed to pay your mortgage?

No income No doc .

My income is $70,000 annually from a W2 job and I have no outstanding debt.

They asked about fico and income.

Can you (or someone else in your house) find a part time job to bring in extra income? 

Here are some considerations regarding the tax implications and getting started in real estate investing:Tax Implications: Cashing out stocks may trigger capital gains taxes, depending on factors such as your income tax bracket and how long you've held the stocks.

It’s crucial to acquaint yourself with FIRPTA regulations, which mandate income tax withholding on the disposition of U.S. real property interests by foreign individuals.

Same goes for Electrical as the codes are changed annually. 

I do have to pay taxes on the income, but some of that I can offset with expenses from other rental properties. 2.

While seller financing offers numerous advantages, including tax benefits and continued income for heirs, it seems he's set on selling for cash.