What sort of financing contingency to put on offers (what if my lender denies the loan based on the MFR income reported)? 

What sort of financing contingency to put on offers (what if my lender denies the loan based on the MFR income reported)?

Living on a passive income isn't my only reason for wanting to be involved in the investment world because I've always been interested in real estate and will most likely also try my hand at being an agent at some point.

Part of my strategy for growing my rental portfolio involves having them financed and paying the mortgage back with the rental income.

Part of my strategy for growing my rental portfolio involves having them financed and paying the mortgage back with the rental income.

If you are looking to grow and get into REI in a big way, aren't afraid of a bit of risk, want to be actively involved and don't mind getting your hands dirty, I would encourage you to buy multi-families in C/D areas. 

I’ve been involved a couple of construction related suits, it’s never fun, and you’re not likely to be happy with the outcome.  

Frankly I just move on if an HOA is involved just is not worth the trouble having them get between me and my prospective tenants.

But you do need time, the seller's cooperation, and money that you're willing to lose if you go through all of that and get denied.  

They are now being illegally denied housing