I understand that for a Fannie Mae conventional loan, if you don't have tax returns for a rental, most lenders will count 75% of your rent as income and the full PITI as your debt.  

I'm looking to continue the good money management and saving practices I've established and put what money I was putting towards my student debt into real estate. 

By dealing directly with us as the buyers you won’t have to pay 6% to a realtor or any other unnecessary costs or fees.We would all like to spend more time with our families or pay off some unexpected debts, and selling your house to me can make that happen.

From then on, you're largely insulated from exchange rate drama (since you'll be servicing the debt, collecting rents, and paying expenses, all in US dollars), at least until you sell.Also, while in theory you probably could structure an owner financing deal with a variable rate tied to the US/Canada exchange rate, you're probably better off keeping it simple and easy for a non-pro seller to understand.Speaking of which, how does that work with conventional lenders to foreign nationals?

Clearly I wouldn't qualify for another mortgage now, but how much better is my position next year if I can show new income to cover 75% of the monthly debt? 

If you simply use the 50% rule based on your $1200 a month of income that would give you NOI of  $600 and then you have debt service.

If the investor's return is essentially capped at 12%, the deal more closely resembles a debt deal than an equity deal.  

BUT... my hubby & I are also in debt (cc's, cars, loans, etc- not including a ridiculous amount of student loans. sigh).

I am calling all my local banks, I have a close to perfect credit score and other debt free real assets to use as security.

Absolutely no felonies, evictions or outstanding housing debts.