For a multiunit the rent from the other units would be credited to you on the purchase loan, so as long as you find a good property you shouldn't have and DTI issue.

Murphy" exemption means you are exempt from Fair Housing laws, so you have more latitude in roommate selection, less onerous due process requirements, etc.  

After talking to 3 different big banks who said "No due to seasoning requirements," I finally got my credit union to refinance with no cash out on the home my parents deeded over to me 3 weeks ago.

I too am fairly new to investing.

That means that they can't deny an applicant because he seems like a jerk as long as he meets the criteria that the landlord set out when he started the screening process (credit score, income, job stability, etc.).

I have no paperwork or agreement with the previous tenant, but, I was provided a deposit credit from the previous landlord upon closing that was writen into the purchase agreement. 

You are correct in that once you have identified a neighborhood and you see a rental listing come on you need to run there immediately with credit reports and money.

My credit score is 800+.  

That won't be until Nov or Dec.Swanny  Thank you for taking the time for the detailed reply it is much appreciated  Wow I have to be honest reading through that is like reading another language I have no clue what so much of that even means  I started with a single family house bought with credit cards  lol.  

My credit is not good...any advice would be appreciated.