Although W-2 salaries are considered, it's not the only thing banks use to make decisions.

In regards to reserves, define a lender as for a term sheet and ask for all the details, then you can make a better decision, most lenders that resell their loans may have specific guidelines from their investors in regards to reserves etc.  

"bad" debt), and use it as the basis for all your financial decisions in your investment/debt management strategy, you should be able to position yourself to make the right decision most of the time.

A good contractor likes to work with a 'boss' who knows what they're doing and is close when last minute changes and decisions need to be made. 

Seems crazy but the economics of managing home rentals is so on / off depending on the area (SE forget home rental as a business, except for FL) that it's actually a wise business decision to almost give the older home away to get out of home repair and supposedly turn over.  

But only under certain conditions and only if you factor macro as well as micro into your decision making process.  

Congratulations on your decision to become real estate investors.

I knew that my end goal was a buy and hold with a cash out refinance, but I made did a lot of winging things, making uncertain decision, etc that probably cost me some money, but luckily in the end everything worked out.  

I've always suspected--but I don't actually _know_- that this may be nothing more than someone refinancing their prior mortgage, and it shows up incorrectly as a change in title when the prior mortgage is wiped out with a new mortgage.  

My decision is easy compared to yours.