For any client I work with that has limited knowledge on the subject, I extensively explain the home-buying process (including financing) whether they want me to or not.

@Tony C. remember the advice: "Don't bet long term with short term money." 

We are sailors ourselves but availability always seems pretty limited (ie, lots of demand) when we look.

@Surendra Chawla and others, for the Phoenix metro area, I found a very useful resource called the Cromford Index.This is put together by ASU's Head of the Real Estate Dept (Prof Michael Orr).http://getyourphx.com/refresher-the-cromford-report/http://cromfordreport.com/index.htmlThis seems to be a very unique and highly useful index specific and limited only to Phoenix area.https://www.youtube.com/watch?

Your better bet is with the income from the business and adding back any depreciation expense you are claiming. 

This method leaves a lot of stress and unknown factors off the table and limits the pool of potential buyers to serious investors instead of dealing with the potential issues of individual buyers looking to buy a owner-occupied unit. 

The issue I run into here are limits on how many mortgages I can have in my name from various banks.  

Replacing side walks on a city property that is out side the city limits just added 2 weeks to the project. 

If this is a foreclosed property (you said Fannie Mae was the seller), your agent should know if your state has limits on back HOA dues if you're buying a foreclosed property.   

I bet if you buy multiple, either company would give you a small break on them.