The only income that is taken into account is the subject rental income. 

“One reason for the request is that GSEs Fannie Mae and Freddie Mac are not subject to this rule, under a condition called the "QM Patch."

I agree, thats why I appreciated Davids post that outlined what was available for what Im looking for instead of just a quick plug. 

The website outlines the 7 things you DON'T need a permit for, as well as overviews of what you need one for.In my experience, a lot of buyers, and agents, these days have learned to ask for them, so well worth the headache when you come time to sell.

LLCs have zero to do with license law and do not shield you or your broker from liability in regards to you being a licensed individual.Once you become a licensed individual, you cease to be a memeber of the general public, and become subject to the supervision of both your broker and your states real estate commission. 

I been reading & studying on the subject of real estate for about 2 years now, but I’m scared to take that leap of fate.  

This doesn't include all the time it might take to find a property.30 days minimum to close on subject property (with financing)30-60 days to complete renovation (with no over runs)30 days minimum for buyer to close on the flip endThis is 90 to 120 days and is not realistic, especially for someone that has no experience and can handle all of the obstacle that can come up (and the will). 

You might be surprised how lenient some municipalities are on this subject specifically.

Surround yourself with the absolute best subject matter experts you can find while you captain the ship.  

With the amount of liability landlords are now (and please, if anyone has more insight than I do, fill me in.) subject to, I no longer have a desire to.