The additional (rental) mortgage will count as debt and he will need to offsetting income (a portion of the rental income?).

Remember if you get a car loan that will count as monthly debt when you go apply for a mortgage which will effect your dti.There are other ways to build your credit besides a car loan.It's as simple as paying your bills on time and charging a thing or two on a credit card.Have you pulled your free credit report at annualcredit report?

Will having the mortgage loan under my name defeat the purpose of the trust?

Ever want to have an inspector want to count drywall screws, wait 3 weeks to have him check the mud?  

The deferral is typically for 12 months and I believe this 12 month payment relief loop hole allows you not count the payment on your DTI.  

Knowing that you are doing well outside, he will start counting that into your review or bonus subconsciously.

I'm going to have to deal with the turnover, luckily I'm close to NC State and can count on a steady flow of students to live there.  

Again, each cent counts.

Equity in your home might count, retirement accounts are another source of reserve money, but since you would be penalized for taking an early withdrawal the usable amount is less.That's just my 2c, I am sure others will be able to tell you what worked for them!

Then when it came time to refinance, they said they messed up on the underwriting at the beginning and said my retirement account money doesnt count as reserves anymore, therefore I am not eligible for a refi.