The second scenario sounds like it meets that requirement if the all in costs include rehab costs.

We rehabbed our first property and have connections so we aren't afraid of a fixer-upper.We understand that buying through a wholesaler can be risky because there are no official requirements, regulations, or hand-holding. 

Would you just leave out the income requirement since the housing agency is covering the rent?

How do I avoid  Minimize my Tax Liability????

We require co-signer to be local and a real estate owner, so that in case of default we can lien their real estate.

Also, 6 months reserves is a great rule of thumb, and some lenders require that as proof as well.We do have an arrangement with Helix Mattresses where I can +/- 50% off retail with free shipping on all mattresses. 

Do you need a certain amount of cash flow, are renovations required, how many bedrooms, etc4)who’s your ideal tenant, if you’re renting out?

If the city is ok with STR's, I then check to see what permits are required for STR operation.

I have a full time job that pays around 170k excluding stock options (which I would like to retain as a separate investment for now but I am open to use that for real estate if required).

If the property is tenant occupied, you should require your tenants to have renters policies and lastly and just as important as the insurance you obtain is knowing all vendors you rely upon to perform work at the property and on your behalf are properly insured.