@Grant Stucki As you cant tell, you're going to get opinions all across the board.

The ratios turned out in my favor, but in lot of cases either you are too well off, or you make too little to qualify. 

@Terre Brizzolara what Gomer means is that you still have to have income to qualify for an FHA loan even if the rental income covers all the expenses plus.

If you qualify, you can refinance up to 75% Of The Value.

If you can find a 4 unit building in an area you like that you can qualify to purchase I would take that approach :)

I promise you, the SEC and state securities boards see it very very differently. 

Your credit score, DTI, and proof of liquidity for the down payment are the primary qualifiers for residential financing and lenders will calculate them using the credit reports they pull, the application you complete, and the tax returns and  bank statements that you provide them. 

@Sarah Smith Not sure if you're aware that in addition to do a regular 1031, there's such thing as partial ownership and it may qualify as 1031.

He qualified with income but only due to lots of overtime and gave me this story that he has an interview for a Sheriff position in a month (never happened).  

@Kenneth Stump Duplexes can qualify for FHA, VA, or conventional financing if you plan to live in it.