I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return.

Spend whatever it takes to get the correct respirator, prepare thoroughly, and clean up thoroughly(bought a new a shop vac just for this, with the special drywall dust bag and also a HEPA filter).

I would venture to guess since you are especially concerned with this and not optimistic about your ability to obtain a loan based on personal income or qualifications, an LLC is a good fit.A word of caution:  the only way an LLC is effective in limiting the liability that it is intended to limit is when the operator operates it like a business. 

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return.

Obviously you'll want to confirm any of this with your lender, but this at least gives you something to prepare with.The common items in the article are either relocation or an increase in dependents, but it also mentions if the LTV on your first FHA loan is in a good position that will be considered as well.https://www.fha.com/fha_articl...

Is this too risky as a starting venture?

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return.

Always be looking... the definition of "luck" is when opportunity and preparation cross paths.

Most lenders, although not all, intend to resell your loan after they close on it, which means it needs to meet strict criterias that are pretty standard across most of them.Now, your options could be to:* Go to a non-conventional lender, but be prepared to deal with much higher rates and closing costs.* Explore the commercial properties route - where they look more at your downpayment + ability of the property to service the debt, rather than your W2.* Do the house under your wife's name (if she still has a W2)The first 2 options will either mean high rates or high amount of funds down.

He didn’t try to sell me anything and all he asks is that you come prepared with questions.Hope this helps someone else getting started.