Can we discuss the pros/cons of getting a cash flow property that has a renter in it already vs. getting a new renter in areas that are not rent-controlled? Can you always offset the DTI ratio with market rents, or do...

@Mario Gonzalez NJ has a couple things working against your plan, when it comes to finding off-market leads. 1. it's tough to get a  list to mail to because most of NJ combines single and multi-family homes when the report to the list compilers. 2. it's quite competitive.

You may want to combine the funds of more than one person into the venture.

You will need to do the math on the various other debts to know what price you can pay to actually make a good deal.Title is always an issue. 

However, if you don’t show enough income your DTI (debt to income ratio) may be too high.

It took me 5 years to get my debt paid off, credit score raised and all that good stuff.

@Michael Glaspie - The debt is probably the most simple approach. 

I usually suggest a combination of the 2 to get a good answer. 

I feel that would leave me with no debt and in a position of flexibility. 

You get all the debt pay down.