If you want to use your income to underwrite the loan then you will have a longer seasoning / waiting period as those loans have different rules compared to loans underwritten by the rents / DSCR loans. 

HELOCS do exist for rental properties but you are usually capped at 65-70ltv and these will most likely require a full underwrite that takes into consideration taxes, income, dti and all the normal quasi-associated red tape.

By renting out the additional units, investors can cover their mortgage and expenses while generating passive income.2.

I suppose I can take the money out and put into a bank account and then submit it, but that would be a lot more work4.

The other factor is that money for how long they have been a tenant needs to be in an interest bearing account so you will have to account for that...

If not, factor minimum 15% for management.Also, consider that you will pay taxes on all the income (after expenses).As others mentioned, research the competition in your area to learn the demand/restrictions.Depending on these answers, you may be better off doing this closer to home. 

I also have a good w-2, live below my means, no debt, and due to get wage increases in coming years. 

Previously loan officers have not been very optimistic, probably due to her income. 

However, that is for total taxable income. 

So I posted the other day asking if I could get around passive income on my rental properties so I could contribute to my retirement account.