Regarding the location of the Qualified Intermediary (QI), it doesn't matter whether they are based in New Jersey, Florida, or elsewhere.

Additionally, the study must be completed by “qualified individuals” and “professional firms” that are competent in construction, design, auditing and estimation procedures for building construction.So while a specific methodology isn’t required by the IRS, taxpayers must ensure that their depreciation deductions and classifications of property are substantiated with supporting evidence.

You should always talk to a mortgage broker or bank first to find how much you qualify for before starting the investor journey.

How many mortgage lenders have you spoken with to get qualified and discuss allowable down payment options?

. - When you go to qualify for your next proeprty, your lender can actually add losses from line 18 back into your income... allowing you to qualify for the next property.

@Grace Chee The process for this is time sensitive, you should have gotten a TRIM notice around late August, early September.

Instead, the income from the property is used to qualify you.

Generally yes a HELOC will go off your personal finances so qualifying is generally based on your income, liabilities, and credit. 

Once it's rented, use that rental income to help offset your DTI, which may help you qualify for the second property sooner.Partner with Investors: Team up with someone to split costs and lower your personal DTI impact.

Mortgage lenders will qualify you for a higher purchase amount for multis than they would on a single, because they will count the rent you will be making on the other units as additional qualifying income for your loan application.