Like Tax or RE law, you can change the facts/context to change the consideration or interpretation of the guidelines.The key is vacating your NC first, go rent (maybe 6 months lease + m2m after), then shop and buy after that 6 month mark once you have 6 months of rents received on NC.This would make it a very solid scenario for an underwrite to approve if you need to use rental income offset on your NC property.

Increase rents where possible, reduce expenses (contest real estate taxes and shop insurance mainly) and maintain the properties. 

I'd keep shopping if I were you.

I was going to try a shop vac...

You could wind up spending a year rehabbing a place, only to lose it to foreclosure if you can't refinance or sell immediately.Regarding DTI - you can try shopping around to smaller local banks or credit unions that keep the loans in house, and may have more flexibility on the DTI requirements.Good luck!

The areas will really depend what is most important in terms of proximity to the campus, walkability, nearby shops/restaurants or transit.  

I will tell you the two bullet points that will comprise your lender shopping list:"Children wanting to provide housing for parents."

Downtown Bend has many good places, I would suggest Greg's Grill in the Old Mill Shopping Center, it is spacious and people can actually carry on a conversation.ThanksChristy Osterkamp

@James Wise knows his stuff in the Cleveland area and operates a one stop shop for turnkey.  

I would search for brokers in that area to have them shop some policies for you.