With regards to your roommate rental income, if you don't have executed lease agreements (which is what I am guessing what you are doing), then the rental income can't be used.This has got nothing to do with the lender and everything to do with agency guidelines.

They are guidelines, not "laws".  

I believe that all conventional lenders are going to follow the same guidelines as far as seasoning, etc.

depends on your equity in the property a year from now, as long as your DTI works out and there is sufficient equity, and your credit is in line with guidelines you'll be fine.you dont need to wait any amount of time to do a rate and term refinance anyway the 6-12 month rule/guideline is for cash out refinances only. 

Sorry, but what you describe reads more like gambling.  

These will all be walking distance from the property.My hope would be that the chance for appreciation would be enough to make the lower numbers make sense, especially seeing how property values have risen in the surrounding neighborhoods where the walking path is already completed.My question is, is it worth the gamble to solely rely on future appreciation to make the deal make sense?

I need to know Fraddie Mac guidelines for PMI.

After reading over the Fannie guidelines (https://www.fanniemae.com/content/guide/selling/b2...) it appears I was doing that for nothing as the primary residence is excluded from their caps.  

Often your first deal may not be your best deal but if you use the above guidelines chances are it will be a decent investment.After you get your feet wet, sky is the limit.Place that first offer.

I own a duplex in Fort Pierce Florida.  I have a new Section 8 tenant in one of my units and she recently contacted me to inform me that there is a crack in the tub that is leaking water onto the bathroom floor.  I im...