Use the flipping to build up a war chest that you can deploy when it's sufficient to buy you some scale.

I want to buy the house likely before I have any sufficient income for debt/income purposes.

Secondly, will the property provide sufficient cash flow that meets your criteria.  

As long as there are separate entrances and sufficient privacy, make sure you're within code. 

You could try that, if you do sufficient background check on the renter and feel comfortable. 

Provided OP will owner occupy and there is sufficient equity in it, this can be done with <$2k cash to close (inclusive of down payment and all closing costs) and no PMI.

@Cameron Belknap FHA loan rules in HUD 4000.1 mention not counting the basement as part of the Gross Living Area; however, part of the FHA requirements found in HUD 4000.1 includes a section on “converted spaces” which states:“The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space…is accessible from the interior of the main dwelling in a functional manner; has a permanent and sufficient heat source… and was built in keeping with the design, appeal, and quality of construction of the main dwelling.”Furthermore,“The Appraiser must analyze and report differences in functional utility when selecting comparable properties of similar total GLA that do not include converted living space.

If someone had a live(1) deal that needed it in my state I'd do it, but the probability of that happening is sufficiently low that I'd much rather let other lenders waste their time with trying to get to that point.

@William Huston those numbers seem sufficient but not great.

@Gene Walker, The former owner can raise this issue in several ways.1) They can provide sufficient evidence to the tax collector to persuade that person to declare the sale void.