Hi Ryan,Typically construction financing isn't based on your taxable income and rather more contingent on your experience, FICO and the deal itself.

My understanding is profit from lending is considered "taxable income" and is therefore added to your income and subject to your normal tax rate after all deductions, etc.

If you can’t do a 1031 to a non-income tax state, figure out a year when you will have lower income and tax rates ar as low as possible.

Long term/ short term rentals would work, ideally in the $400k range or lower. 

That higher interest will be a lower cost than the closing costs for the refinance so a net gain (depending on your new loan size). 

There is not a taxable event to you on the sale.

The FHA loan allows for a lower down payment, which is a fantastic advantage!

Look for areas with stronger rental demand, lower property taxes, and minimal HOA fees to keep expenses down.

Understand the strengths in your market, what does well / has lower risk since you're just starting out? 

Don’t stress the lower income; house hacking is great because the rent helps cover the mortgage.Both Central Florida and Tampa are great, but Tampa’s been my playground for over 20 years.