Is there typically a rule of them for these things?

In order to convert current home into rental and to come in under 50% DTI, I'd have to take out an interest only HELOC on our current home and consolidate $50k of consumer debt into it.We haven't owned our other 3 rentals long enough for the rental income to show up in our DTI calc.

I recommend calling Steve Dawson for painting and gutters.The forum rules prevented me from posting the phone number, but if you send me a message i'll give it to you.

Property values have fallen about 50% in the last 20 years. 

The POA has that rule because a church owned one home and they had way too many church folks coming at a time, taking over the entire beach, playground, etc. for their church use.  

Now since you've got that other loan out, you need to see how much money you have left in it, but it should be enough to take care of one more purchase.Just make sure you run your numbers (alot more than just Rent minus mortgage) and you'll be set.Also, I haven't bothered to mess with my TSP so i don't know the rules and regulations with it, but see if you can use that money to invest.

Of course the house would be used as collateral, and we dont need 75% LTV could even do 50% which eliminates most of the rtisk for the bank.Anyone have any suggestions or banks in Florida that can help with this issue?

It's really important that you don't overpay for properties because you make money when you buy in real estate.Also, always read the terms and conditions of the auctions because the rules of the auctions vary between different companies, even different municipalities.  

Have a separate signed agreement that you will be responsible for half of the mortgage payment the entire time the house is owned and due 50% of profits from a sale. 

Another option would be to get a low money down payment loan, but then they would have to pay PMI, unless if it could be avoided somehow.Applicant 2 aloneThis applicant would definitely not qualify for good interest rates but they could comfortably put a large percentage down, e.g. 30% ,50% ,70% depending on what they are comfortable with.Applying JointlyIf both applicants apply together would they qualify for interest rates as good and what applicant 1 could get on their own?