Michael Dunn the debt on the house is considered and most lenders will allow you to claim 75% of rental incomeSome require 24 months of rental history and others have shorter time periodSpeak with several lenders to get the skinny from them

Is it legal in NY?

We have avoided debt our whole lives, which can be a good thing in minimizing financial risk. 

I know of some portfolio lenders/small local banks in South Carolina that would agree to this as long as the total debt service (1st and 2nd mortgages) is still above a 1.25.

What is the best legal entity to use when flipping houses?

And I need at least one more successful house “flip”, if you will, to allow me to purchase a cheap $15,000 apartment somewhere in foreclosure so that I can use that as my legal homebase and therefore qualify for Hardmoney or private money loans to do what I want to do. 

Are there any legal issues with this?  

Legalities aside.. as you know is it legal or not legal to assign contracts in FLA is hotly debated.but I was just at a RE conference it was a private invitation only mastermind thing.and there were some of the top wholesalers in the country there.. some that are even on this site.one thing that was evident to me though to be successful at this.requires1.

Curious to know if there are any good loan options )other than hard or private) that self employed people can use with little to no taxable income.

Curious to know if there are any good loan options (other than hard or private) that self employed people can use with little to no taxable income.