They will determine based on your credit score and income whether or not you qualify for a mortgage.

i would need to be qualified to get a loan within that two year time period or whatever it may be right?

With new property, not reflected on your tax returns 75% of the rental income will count towards your income and qualifying.

To qualify, a for-profi t business must occupy the facility for at least 12 months.

However, it would be hard for me to qualify for a second mortgage based on my monthly income and I want to take my rental income into account as this is an additional $5124/year and can offset the mortgage from my liabilities. 

So often times newer note investors likely do not qualify for lending programs that do take loans as collateral.  

I am pre-qualified and ready to buy my first single family imvestment property.Thanks!

While you are tired of putting an application fee down for a roll of the dice, it drives me much to spend 1-2 hours getting someone qualified, going through the lease. only to have them not interested!

This gives me room to borrow up to 35K easily and still qualify for a mortgage and stay under the conventional 45%.

., but based on the numbers you provided, I predict you will have a VERY hard time qualifying for a big enough mortgage for a solid property in a solid neighborhood, let alone two.