Does the property meet the 1% rule regarding purchase price to monthly income.  

My philosophy is to use the 2% rule as a starting place to analyze the deal: the rent divided by 2% is the max I will pay "all in" (purchase, closing, rehab)  Example:  Rent $1000 / 2% = $50,000. 

Is there any way around two year employment or do I have to keep the same job for two years and then apply for the loan?

You have several options assuming that Maine has a 30 day notification rules.1)  You can notify the tenant that you are terminating his lease and he must move out by Aug 302) You can notify the tenant that he is welcome to stay on as a month-to-month tenant but his rent will increase by $300 (or more) as of September 1, or he can sign a 12 month at a $200 increase.

If you are planning on going into public service and are currently at a state university you can apply those zero dollar payments towards public loan forgiveness.

@David Hedges, if you are looking at following the rules to a T and auctioned off the home, at the end of the day, you can outbid everyone

It's good to know that his numbers may not necessarily apply.

Today's exam question is: What is your understanding of the "70% Rule"?

While reading the Ultimate Beginners Guide I was introduced to the 50% Rule and the 70% Rule, and the 1% Rule I have heard was bumped up to 2%.

2) Concept number 2: I always though that Einstein meant stock market,  and never in my mind applied that quote to real estate.