Pay Day rent schedule line up on the resident's pay day instead of the traditional first of the month thing.

Mashvisor's suggested traditional rental income was over 17K, I rented the place for $4000.....

Most people who want to use a portfolio lender are doing so because they do not qualify for the traditional Fannie/Freddie loans.  

This will be an over simplification but look at some simple numbers:Year #1:4-plex @ $400,000FHA Mortgage (3%) =$1,700 / month = $20,400 / year3-rents @ $1,000 / month = $36,000 / yearNatural / Forced appreciation (10%) = $40,000 Year #2:Refinance @ $344,400 ($440,000 value)Traditional Mortgage (4%) = $1,650 / month = $19,800 / year4-rents @ $1,000 / month = $48,000 / yearNatural / Forced appreciation (10%) = $44,0002nd 4-plex @ $400,000FHA Mortgage (3%) =$1,700 / month = $20,400 / year3-rents @ $1,000 / month = $36,000 / yearNatural / Forced appreciation (10%) = $40,000 With natural and forced appreciation plus the equity gained by investing rents, there should be plenty of room to lower the mortgage amount - watch out for higher interest rates because they will be something that bites after coming off a FHA loan especially if rates increase.

An appraisal coming in high does not reduce your down payment or PMI requirements if you are getting a traditional mortgage.

Hey there @Antinia TaylorIt's best to only buy a rental that cash flow as a traditional rental.

A traditional lender will not likely allow you to use private money as a down payment.  

Red states, traditionally, have good rental cashflow relative to purchase price.  

Class A & B - Traditional property managers.

But I would say that in your case, just do the first property FHA and the 2nd one traditional, biting the bullet in the short term (it's just one or 2 years to satisfy the owner-occupant requirement) and be happy knowing that your tenants are building your equity.I know you don't want to hear that, but man....