I doubt I can get a bank to finance me because I'm self employed and since I just began a year ago I don't have current tax documents to prove my earnings. 

However, the CLTV or combined LTV of the two loans to purchase will normally not be allowed to exceed their typical LTV limits such as 75%-80%.

Best thing we can do now is earn what we can through our day jobs and build wealth in other avenues.

Typically those types of loans require about 40% down-payment plus reserves.

I'd be happy to answer any questions that you may have and go over various options that may work for you, but typically your investment is either going to be a loss (if you sell) or have a lower ROI than you initially planned as you will likely have invest another $30k to get it rent ready.There are some people pursuing legal recourse and @Aleks Gifford is a local person who is coordinating some of those efforts so  I would recommend reaching out to him.

So if you know anyone itching to get into it so they can earn more than the lousy stock market can give, let them know I’m the guy to talk to.

Anything that is livable and priced decently will typically get multiple offers.

So you owe $148,500 to your HML, then typical rental loans allow you to build in closing costs as long as your LTV hits their numbers.

@Tyler Deuel its typically 6 months.

You will typically have to keep at least 10% in just to satisfy requirement.