Gurus, wanna-be's, your next door neighbor, your friends who actually sell their homes in anticipation of a crash...you name it.....everyone just assumes we're going to have a GFC-style crash.I personally don't see the Austin market pulling back anytime in the near future.

Most people are anticipating rates to drop. 

The lender will count the anticipated/actual rents instead of your personal income.LA has rough STR guidelines (must be owner occupied, so many days a year, etc.). 

That is was you need to distill it down too based on the anticipated performance.

Expenses--far from miscellaneous you need to anticipate potential BIG issues.

These types of loans consider the anticipated value of the home after improvements or renovations are completed, which can be particularly appealing for homeowners planning significant upgrades.

So I am now looking at tying up more cash than I anticipated.  

Investment thesis Several manufacturing facilities moving into area, projected to create thousands of new jobs over next 2-3 yearsLittle apartment supply close to these facilities currently, plans for 1-2 complexes to be constructed to meet expected demand but likely not enough, with SFH's needed to fill the gapLow home prices compared to most of Houston given distance from downtown (30+ miles out)School ratings are mediocre currently but expected to improve as several new MPC's expected to build out adjacent to these houses, with much higher price pointsPotential to generate decent rental income currently, and potential for significant rental rate increases and house price appreciation as 1) Jobs continue to be created, 2) Schools slowly improve, and 3) Retail development picks upFrom personal standpoint, low price point attractive for my 1st investment property as it reduces upfront risk and allows me to enter with less financial resourcesHigh-level numbers ~$140K purchase price for 3 bed 2 bath house (less than 5 years old)Total monthly payment of ~$1,000 per month for 30-year conventional with 20% down (including tax, HOA, home insurance) should be ~$1,000 per monthExpected rent is $1,300 to $1,400 per month (based on comps of similar homes around area)With expected 80% vacancy rate (being conservative) + repair costs + time and effort spent doing property management (will do it myself), expecting to break even from cash flow basis in Year 1, with anticipated increase in rent allowing me to generate positive cash flow starting from Year 2Assuming 3% housing price appreciation per year, and an exit in 10 years, expecting 12%-14% IRR

The regulations did change recently,so you should probably ask the mortgage broker that you're working with how much time they anticipate.  

-Oregon State Cascades is building a new 4 year university with anticipated 5,000 students.