My wife and I are looking to diversity our investment and getting some passive income.

Mine and my SO’s annual income gross income together comes out to around $148,000.

I'm in my 70s living on social security income plus the small property payments I'm getting on the house.

We actually have refinanced all our loans from when we first bought them to lower rates so over time our income increased because now we have low interest rates. 

The losses will stay with the property and not move over to your personal income side.

I've been reading about the DSCR loan that doesn't require income proof, but I've heard some people say you need to have a primary house in order to be qualified.

@Rose Ganoryou're not missing anything.  3-5 years gets you started.  10-20 years starts to get you a real portfolio that can start replacing W2 income.

I've recently changed careers (01/2017) and am self employed as a RE Agent so I don't have a steady income to pay it down!

Here's a breakdown:Taxable Income Calculation:The portion of your rental income that surpasses the combined sum of depreciation and deductions contributes to your taxable income.Tax on Excess Rental Income:The excess rental income is subject to your regular income tax rates.

If you can’t, then try to go 5-story and get more density of units. 4-story usually incurs all of the additional cost for commercial code without the additional income from higher density.