It's your job as a landlord to pre-screen potential leads (gross income, credit score, evictions or not, etc) and then only schedule showings for those people that meet your screening standards.

I'm shooting to create enough passive income in the next 5 years so I can sell my current businesses and refocus my energies on creating a comfortable life for my wife and I.   

Will move to Hawaii and qualify off of W-2 and current rent rolls/income 

This helps ensure you can manage payments even if the property isn't generating income right away.Given your situation, if you're aiming for an investment property and have about 3 months of PITI saved up, you're likely in a good position for a conventional loan.

This will allow you to take deductions against your ACTIVE income (W2 paycheck).

This is my wife's first job, so she won't get much of $$ on her mortgage alone, but I want her to eventually get a mortgage under her name once she establishes her income in the next couple of years.

However, financial freedom is not simply replacing your current income; it requires maintaining your current lifestyle for life.

For this property, you would be wise to incorporate the income from the other units against your debt service to make the property more attractive to lend on.

It has to be possible my son deserves a dad who's around to enjoy life with him and with an income to give him the life I never had.

Discover how partnering with CityFHEPS can not only boost your rental income but also contribute to providing safe and affordable housing solutions.