This all assumes that this is a conventional residential mortgage and that you do not have problems qualify for a mortgage.

Under a county program, I qualify for an income-based first time home buyer loan with these terms:The loan requires 3% down payment  No mortgage insurance  The maximum loan amount is $417,000 Provides first time buyers with up to 25 percent of the purchase price to assist with the down payment and closing costs.When it comes to resale values in these loans, there is a set price value when selling: "The Set Price is calculated as: original price paid, plus annual appreciation based on increases in the Area Median Income (average 2-3% annual appreciation), plus the cost of capital improvements made to the property.Is anyone familiar with these types of loans? 

We're pre qualified for up to $350,000. 

@Bill Exeter I looked it up and you're right, that strategy would only qualify for a partial exclusion due to the proration you mentioned.

The owner or the property manager gets to decide if the tenant is qualified or not.  

Lease states rent is due the 1st, but I did include a 5 day grace period.

Bottom line, if a move of 0.25% in any rate effects the ability of someone to finance a deal, its not a good deal and/or your not really qualified for the deal. 

If a borrower is later unable to pay, he or she could claim you didn’t qualify them and you should have KNOWN they couldn’t pay.

I recently saw a property for sale here in Baltimore that was under renovation and qualified for a 203k loan. 

@Patrick PlummerIt sounds as if you may qualify for the Solo 401k and yes, it would greatly simplify your situation.Unlike an IRA which is an individual arrangement, a 401k is an employer sponsored retirement plan.