This, again, is not the best part of town, but all I am doing is making the units attractive enough to find a tenant with steady employment and a decent track record.So, my repositioning here is to take a mostly vacant property, repair and rehab the units into habitable conditions, find a tenant and move on to the next one.  

Federally employed as a mechanic (been a wrench my entire career). 

I have several years in retail management, 2 years in landscape maintinance, and currently I am self employed doing a little bit of what ever will help build up starting capital.After a friend told me about BP, I could not stop listening to the podcasts.

We actually worked together at a prior employer. 

@Donna Ward If you have enough income (W2, 1099 or self employed/business), then you can push through both loans at the same time.For your primary residence, you can use either a 3.5% down FHA loan (you can always put more down) or a conventional loan with as little as 15% down.For an investment property, you can get a conventional loan with 20% down (SFH) or 25% down (multi-unit).If your rental income is disclosed on your tax return, then it can be used as income for your DTI calculation.This is all assuming that you have regular income to support the loan and clear credit.My recommendation would be start working with a mortgage banker who can help you think through your options and tell you what you can qualify for.Upen Patel, Mortgage BankerFederal NMLS# 1374243

I will be leaving my place of employment and seeking a new job once in Milwaukee, and if all goes well jump into buying ASAP.

The benefits of the S-corp are paying FICA on your "wage that must pass the BS test for the type of job" rather than paying self-employment tax on all of your flip or wholesale income.

You would do this for any self-employed applicant.

She is self-employed (her own business) but makes very little money on paper.

People are also brainwashed into thinking that investing via their employer-sponsored 401(k) is the only way to invest and that passive investing in the market is the only way to achieve wealth.