There are amazing no income no doc programs and for first time investors available . 50% of the land and 100% of construction . what are you looking to build ? 

In New York, you typically need to show an annual income of 80 times the monthly rent to qualify for an apartment.  

I now make more than double the income from that time but am unable to afford a house smaller in size at a 7% interest rate (what I can actually afford, not what the bank says).

there are options for no income no doc loans available covering 100% of the construction and welcomes first time investors .

My wife and I currently have about $120k in W2 income and I plan on keeping my W2 job until I can no longer justify it.

Ultimately I would like to invest in more rental properties for "passive income" 

many licensed institutions offer the same exact product and better terms most of the time then private money still being no income no doc and welcoming first time investors .

I'm wondering if some existing owners are getting out of short-term rentals because of the numbers, which would further reduce supply and, the thinking goes, increase revPAR/occupancy.) 

Time is on your side my friend no need to rush the process and get levered adding tons of risk at such a young age with little income. 

I want to be a stay at home mom and plan to get back out in 3.5 years So I need to make the best of the double income currently. 10k a month in cashflow from would be great, currently at about 3k.