Once they have that they should be able to provide you with a loan terms sheet for your consideration.

That’s a real consideration. 

Like Tax or RE law, you can change the facts/context to change the consideration or interpretation of the guidelines.The key is vacating your NC first, go rent (maybe 6 months lease + m2m after), then shop and buy after that 6 month mark once you have 6 months of rents received on NC.This would make it a very solid scenario for an underwrite to approve if you need to use rental income offset on your NC property.

Anything that's actually on Riviera Beach should be considerably more than $100k but like I said I've never seen homes anywhere around here that sell for $100k and rent for $1,500/month.

The ceilings were already a nice height at 9'.

Roof layout, height, and slope also affect the price, but not by that much. 

That's some thing you may to take into consideration in your numbers.   

Some areas I was looking to buy were: JSQ, Bergen Lafayette, the Heights, and Bayonne.

My reasoning is because me and my wife will be in this area and can directly manage househacking, it's less stress and hassle on our end and we end up still coming out ahead because we can househack each house we have earning a considerably higher cashflow than traditional renting.

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.History.