The 1% does not always apply in Canada like it does in the states, In Ontario anything I have seen in my market following the 1% rule is actually a bad investment because they are usually in towns with negative to no growth.

With that said for a quick filter analysis I am applying the 50% rule.

Would be great here in earthquake prone California, probably also good for other areas with violent natural disasters.

They apply and everything goes through as far as screening and we sign the lease and received the security deposit with the plan to move in March 1st.  

In the past 3 years or so I've gotten 3 conventional loans, applied for another 2 conventional loans, and helped my parents navigate the process on their loan.  

and you already have copies of the leases, I would:-make sure you get adjustment at closing for full partial month's rent from seller (it doesn't matter if tenants are on time, seller owes buyer rent due buyer for stub of month, unless you close on the last day of the month)-give all tenants a 'hello, I'm the new landlord' letter - note where to send payment and what the payment terms are ("according to your lease, your rent of $xxx is due each month on the first; if payment is not received by the xth a late fee of y will apply")-pursue nonpayment eviction against anyone who doesn't pay on time.  

They'll give you so much info and so many ideas on when, where, why, how and with whom to invest that you'll be delighted to stay for that after meeting drink to network with all the potential partners you'll meet there.That is the best and most fun advice I can give you of a general nature.

So you can do one of three things:(1) prepare a mock 1040 as you normally would as this will give you a high level of accuracy if prepared correctly;(2) review your previous returns and determine your effective tax rate, then apply that rate to this years earnings; (3) have a CPA do it.I get this request all the time so I've built a template for myself that allows me to quickly estimate a client's tax liability.

If you apply for loan, they ask for this information.

TLDR: Lesser of wonky math being applied to 1) YTD earnings [YTD / # of YTD months] 2) two year tax return average [/24], or 3) one year tax return average [/12]. #1 is almost never the case because all self employed people think they make a crap ton more than what their tax returns say, so it's either a one or two year tax return average, no exceptions.