"Hey, I have the money down but can't qualify.

I know this is not helpful, but it is true.Assuming that your hot tub qualifies as a personal property, it will be depreciated differently from the building.

Unless you're "well healed" for qualifying and can tolerate the extensive scrutiny of two lenders, I'd wait. 

@Surendra Chawla a qualified property manager will pull together all the application info and background info on the tenants and then present to you for review and approval.

Find the next qualified tenant, make sure they are happy with the unit, and learn from the situation.

Having w-2 income will help when qualifying for loans. 

I’ve been unemployed for a month and judging from the interviews that I’ve done, I don’t expect to be unemployed for much longer.I went to my credit union and found out that when I find a job and have 2 paystubs, I’ll qualify for a $52k 80% LTV HELOC.

You can qualify for an FHA loan with less than 5% down, improving your buying power.

From my understanding the most applicable two rules are 1) you have to have less than $150K AGI or 2) you have to be a real estate professional For rule 2) - will I be qualify if I take the test and get my realtor license?

If you’re really into how much a syndicator actually owns, request a copy of their real estate schedule owned that they have to provide to lenders to qualify for loans.