How do I get around my debt to income ratio now that I already have a brand new mortgage, car payment, paying rent, and college loan but a decently high salary? 

If they have a mortgage and if so how much they owe?

Maybe your father-in-law would act as a more passive private lender and the property could be deeded in your name and he records a mortgage against it.

I would guess it could be done but you should really talk with a mortgage professional before taking that leap of faith.

While I would love to have an entire home to myself as I see it as my sanctuary after a challenging work day I realize the financial advantage to having people assist you with your mortgage although being a landlord comes with certain headaches.  

Find a really good mortgage broker and let them dig around for you.

Basically, a homeowner would not pay his mortgage, the bank would reclaim the house from him, then the county(the trustee) would sell the house to someone for cash and pay the bank most of the money. 

This way you have enough time to grow appreciation, and to qualify your TB for a mortgage. 2.

I fixed it up and am now renting out two rooms in it, bringing in $1700/month which covers a lot of my mortgage.

My wife gave me a home with no mortgage in Dolton, IL. before we separated.