Hello,I am ready to buy my first rental property but when i tried applying for a loan they said i wouldnt qualify due to being a 1099 contractor for only a year(I was w2 for the 6years before i started my own venture with 1099 employment).

DSCR products qualify you based on the property itself cash flowing.

I recently purchased a new primary residence and plan to turn my current home into my first rental property.

I simply dont think I would qualify for another mortgage given my new debt to income ratio.

Any thoughts on a strategy that would best set me up to eventually purchase a second rental (third counting my current residence) would be appreciated. 

Looking for some others experiences with rent income appraisal for qualifying a DSCR loan....

I own my personal residence plus two rentals and in contract to buy a third.

The key points to remember are:Homestead Protection: Texas law protects the primary residence from forced sale by most creditors, extending this protection to duplexes if one unit is owner-occupied.Rental Income: Generating rental income from part of your homestead does not disqualify it from exemption.

if I understood you correctly, you and your siblings would occupy different units of the multiunit property, but all of you would be living in it as a primary residence.

The only requirement is that the building is in a majority-minority census tracked area.I used to think the FHA house hack was the most powerful wealth building product out there, but if you can find a property in a qualifying area (which in Columbus are basically all the active investor areas) this is by far the best product I've come across and honestly has me thinking about making my wife move again lol!