Credit score = 680 - 700My 2012 and 2013 taxes show a total of $35,000My montlhy debts, total $200 And I'm looking at going with a VA loan as my first choice and a FHA as my second choice, so my max Debt to Income will be 50 I believe.From these numbers, I'm guessing I can afford a $450 - $475 house note ( tops ).

I don't want debt so it's probably the largest I can get with the best rents in the Dallas area for now.

Both my husband and I work and both bring in income but I am crunching my numbers and doing this solely on my income/debts alone- this way I am assured that I can afford this.

We brought a 5-plex to RBC last fall with a debt coverage ration of 1.7 and only paid 20% down.

Or just file one for the main LLC and combine all the separate series in one tax return?

We have about 10,000 in debt/school loans between the both of us.

Pay off the debt(mortgage) and increase cash flow slowly.

Why do you want to be responsible for a loan where the asset is just enough to cover the debt?

I will duplex down the first floor to combine the basement apartment and first floor - thereby making it legal.

After any homestead allowance amount (depending on the state he is in), the BK trustee would definitely sell the property to pay off debts.