You can find the best cash flow in areas that are hard to be a landlord and on homes that have deferred maintenance and tenant issues so that should not be your main focus.

However, the issue I have is that I only have 1 year of solid income from the business, the year prior to that is inadequate, and I know most mortgage companies require 2 years of income to qualify.

I’m active duty Air Force and ran into the same issue at my last base.

I have cash on hand and no issues paying 25% down. 

I think all landlords and property owners and Those that are Pro property rights hope these laws sweep the nation.

Hi Michael,It is great that you are doing this together, I read some great tips on here, something I wanted to add:I have been checking a lot of 2-4 units, in the past it was not easy to find them in good areas.During COVID, a lot of investors decided to build these types of units which is great, but not all builders are great, I had a client, he purchased 2 duplexes in the same area, we had some pricy maintenance issues, one was with the plumbing.

FHA is tough on a few things like "Chipped paint" any signs of chipped paint will stop financing and need to be addressed (Painted), Loose or missing hand railings, Water damage, Mold, Termites, Outdated electrical or any wiring that is exposed.FHA will also stop you dead in your tracks if the appraisal shows anything that is considered a "hazard or safety issue" and must be fixed.

https://www.car.org/-/media/CAR/Documents/Transaction-Center/PDF/QUICK-GUIDES/Quick-Guide--Cannabis-Marijuana-Issues--Sale-of-Residential-Real-Property-revised-22822.pdf

@Dominick Tonnarini, The only issue with your plan is that you will have to pay a sizable tax on the sale of that property when you do sell. 

Or a real estate agent might be able to search past sales and put a filter on for in-law setup or ADU.BUUUT ...