These homes are the low cost houses in an owner occupied neighborhood or the high cost houses in a rental only neighborhood.C Class: Tenants likely have jobs and employment, but have a harder time making things work.

The income on the 1099 is taxed an earned income so you'll pay federal and state income taxes as well as 15.3% towards self-employment tax.

$1,000,000 would be the loan size to generally be considered for non-recourse.  

To give you a slightly different perspective Grant, I'm in Southeast Mass. and have been buying and hold in multis of commercial size 5+ units. 

(c) The licensing requirements of this Article do not apply to: (1) any person who is employed as a code enforcement official by the State of Illinois or any unit of local government, while acting within the scope of that government employment; (2) any person licensed by the State of Illinois while acting within the scope of his or her license; or (3) any person engaged by the owner or lessor of residential real property for the purpose of preparing a bid or estimate as to the work necessary or the costs associated with performing home construction, home remodeling, or home repair work on the residential real property, provided such person does not hold himself or herself out, or advertise himself or herself, as being engaged in business as a home inspector.

Relocation -A borrower may be eligible to obtain another FHA-insured mortgage without being required to sell an existing property covered by an FHA-insured mortgage if the borrower is:Relocating or has relocated for an employment related reason, andEstablishing or has established a new principal residence in an area more than 100 miles from the borrower’s current primary residence.

The Fed can then employ several tools to influence the overnight rate and bring it in line with the target range.

Offer with contingency of an approval of the rent roll and a restatement of the employment and income.To be transparent, our prospective tenants were all m/m so it would have been easy to move any of them out with a 60day notice.If you're going to manage units, you will need time to get "some seasoning" and starting off with some NOI is better than none - - again, the TK and don't be afraid to create one for yourself.

This area is a new development and lots are selling for 160k - 225k depending on lake view/size/layout.

A little back story on me I moved across the country with a family, no money, and had prospective employment but that did not work out.