This is the ratio of your gross monthly income to your total monthly obligations (proposed mortgage expense, auto loans, student loans, credit cards, etc.)As far as down payment and closing cost strategies go, I usually recommend against down payment assistance programs.

My Proposal: I acquire home subject-to and credit seller a years worth of rent at $1500 a month. 

@Kevin Reid if you are in a flood zone, you will need to consult with an engineer to determine the elevation (feet above sea level) of your land or proposed home.

What you're proposing is challenging because whether or not a property has been rented is not a matter of public record like a home sale is.

For an offer on a ~$150k vacant commercial lot, is it common to include a financing contingency for the lot and my proposed build out?

How are cash distributions handled to investors during acquisition, operation, and disposition of the property including the proposed timing and anticipated percentage returns.4.

I have been to HOA meetings where one of my short terms is located and every year someone brings up the proposal to ban short term rentals — and that is in an area that allows them!

Or are you looking to get a rate of return on the proposed money you'd get from a lump sum sale?

If you have 30% to put down you could avoid income/tax returns by using a bank statement loan or a asset optimization loan using the cash flow of the proposed properties rental income to qualify. 

@Dustin Sanders Congrats on your home purchase & taking the step of house hacking!