The bank will consider all income, all expenses and your credit report.

Just curious, if you have a good job/decent credit score, why even look @ FHA?

If you are building a new home on a lot that previously had a home they would credit back the impact fees reducing the cost.

In addition, I would only do it with a lease for market rent, with a full rent credit for the first x months, under condition you remain owner.

So putting up signs everywhere, joining every damn neighborhood club under the sun, handing out business cards to everyone you meet, mentioning to everyone that Hey, look at me I'm a real estate agent comes off a little too strong and salesy. 

What you need to do is work with a Mortgage Broker who is also an experienced Investor, Landlord and who also has good credit.  

No interest credit card for 16 months?  

Looking to obtain a business line of credit. 

Laurie, HELOC (Home Equity Line Of Credit). 

If the calculation is equal to 1 then you are not making money, 1 represents that you have enough cash flow to cover your dept. less than one means you were not making money and greater than one means you have a cushion and making money. banks look for above 1 because they want to make sure you will be making enough money to pay them back and that you will have the money should costs rise and change your NOI, I know my bank looks for 1.25 DSCR . usually they just do not look at the properties, they will look at your personal situation ( credit card dept, alimony payments, medical payments) especially if they want you to personally back up the loan. there are a lot of explanations and probably better than i explained, all you have to do is look up DSCR, hope that helps.