My understanding is that for first time investors potential rental income is not calculated when applying for the loan.

Purchase price: $674,000 Cash invested: $134,000 Long term rental purchased in area that is under development and predicted to rise in value over the next 5 years - 2br 2bth

Hopefully, this provides perspective.Keep in mindThe Fed started hiking rates in March 2022, and only stopped tightening in July 2023, having lifted short-term interest rates by 525 basis points or 5.25%.Average 30-yr mortgage rates started moving aggressively upward a bit earlier (in January 2022) and only peaked (at just over 8%) in October 2023.

Use it to buy-down your loan, offset some closing costs, or pay your coach.I love that it forces buyers to realize their agent isn't free to them. 

There is a genuine housing shortage of all kinds on the coast, long term rentals included.

I have active SFH long term rentals in the area. 

So in practice, an annual lease term seems one-sided for the tenant's benefit.

Working on an opportunity to acquire a property with an existing FHA loan. 

You may also be required to show credit history in your country of origin for favorable terms/higher than 65% LTV.

Consider FHA loans for lower down payments, but remember, the key is to find properties where the rental income covers your mortgage and expenses, ensuring positive cash flow (although in Austin is will be hard, but not impossible, to accomplish)Aiming for five properties in five years is very ambitious but achievable with the right strategy.