As Mark stated above, proving 2 years of income is essential and write offs (as necessary and tempting as they can be) can place some serious road blocks on your path to home ownership. 

None of the other expenses are verified yet.)Net Operating Income - $56,069We've recently experienced an oil boom in West Texas which has taken a huge hit, weakening rents in the area, because several oil firms have laid off many of their workers while oil is at a current low price per barrel, so the rents which have been collected may not remain as high as they were in 2014.My primary concern is that the expense ratio seems unrealistic to me, I've been accustomed to considering 50-60% as normal for expense ratios in my local area, this complex claims to have a roughly 30% expense ratio. 

Flipping is not passive income so you are essentially creating a job.  

Originally posted by @Brian Gibbons:Buy on Land contract w 5 % down, pay forc36 months and refinanceDuring this 36 months make sure that you work on your creditI have helped people do this for 30 years that have had a really bad situation like a bankruptcy or foreclosure Hey Brian, is this "land contract" essentially the same thing as lease-option?

Essentially, I am finding "driving for dollars" leads.

While I do own one rental home in the Central Valley, the property is rented to a business my wife owns and manages, (essentially the home is rented to myself) so there are no tenant issues; and thus I have virtually no experience as a landlord.

Worse still, if rates went up due to inflationary pressures, then to add insult to injury you would have higher oil or gas bills, higher water and sewer bills and higher insurance premiums and likely higher RE taxes, putting significant downward pressure on NOIs while facing upward pressure on cap rates.3-5 years from today people will be shaking their heads at the prices being paid today.

If you provide good advice/value, hopefully they will click the vote button on your post, essentially scoring two Bigger Pockets credibility points with one post. 

I need that + inflation, essentially.  

next time you flip a foreclosure using your home line of credit, it is probably good to take a moment to contemplate the financial food chain to motivate you to make sure you're always on the right side of the transaction.i've used penfed which is a national bank that operates through the internet.and i've used the bank of albuquerqe which is essentially a broker for the bank of oklahama, which also operates nationally.