(newbie here) 10% NET income based on cash purchase.

Also, what is the monthly gross rental income that this property achieves? 

Quite literally, if the rental income is equal to or greater than the PITI, it'll qualify (with some exceptions of course). 75% LTV is typical, but I have worked with lenders willing to do 80%.

As long as you are not understating any type of income - and I am taking vary broad view here - - and you are not, overall, defrauding the US Treasury.  

Good source of active income if done well.

Section 8 people are no different than anyone else aside from income levels.

with ground up construction you'll usually see 50% of the land providing 100% of the construction . no income no doc and first time investors as well  

Hi @Michael Behr,In my opinion, the rental income is way too low for this to make sense.

How certain are you about your rental income estimate?

Have your income statement both actual and projected, real estate owned, your detailed plan for going forward, have your FICO score, tax returns.