I discovered today that the house is located within one of HUD's QCT Qualified Census Tracts. 

We have excellent credit and have a pretty good idea of what we would qualify for regarding a new mortgage.

@Neil CopelandYour LLC does not qualify to sponsor a Solo 401(k). 

@Eric B. 10% is a little extreme, that’s probably atypical but in this case the rent was $2,000/mo, there were over 30 qualified applicants that applied, and rents had gone up 10% in the area the previous year, so the big increase was a function of supply and demand.

@Michael DembyYou open yourself to more options if you are willing to work with an accountant remotely.There are many qualified accountants/CPA's on this messageboard.

We can ask them to give us a 6-12 week grace period, so i'll find out what they have to say.Sorry Diana, the language is a little confusing.

We obtained a mortgage on the property, however, due to issues with getting my partners qualified in the mortgage process, the mortgage is specifically in my name. 

I would get a bit more specific with any forum posts/questions just to increase the quality of responses.That being said, I am not a LO but my Real Estate team get anywhere from 100-200 online leads per month.The positives are that you will be one of the first LOs to talk to this lead which increases your chances of scheduling an appointment and closing them.Another positive is that these leads are usually motivated (but not always qualified). 

@Jesse Paulsen Your Fountain Hills condo should rent out just fine and then purchase a multi-family in the Mesa area.Step 1 is a great lender to see what you qualify for and then it's time to locate properties, comparison shop them, evaluate, inspect etc.

I then sublease it and do another lease option with an individual who cant qualify for bank financing at that time to occupy the property.