@Joseph Cameron  One option would be to put your proforma numbers together and apply a discounted cash flow analysis to back into a value. 

. (+21 points)Would it be best to have a credit score at 800+ with a low debt to income ratio and apply for a FHA loan OR apply for a FHA loan with my credit score as is and still have a low debt to income ratio (I still plan to pay off the last two credit cards) Also, my current credit score is in the early 700’s.I am looking to make a purchase for my first income property within the year (by January) either long distance or within Sacramento, CA.Thank you all in advance! 

Do not apply for more credit too frequently.4.

Properly applying payments7.

Should I refinance my first property into a conventional loan then apply for another FHA loan on my second property??

I think my credit score is over 600 at this point and I’ve started to look into what loans I apply for.

If you start applying online, talking to people in the business and calling brokers you should be able to find some work in real estate that doesn't require a license.

However, it would be extremely rare for this to apply to short-term rentals of your home or second home.Exception to the Significant Services Rule – If the personal services provided are similar to those that generally are provided in connection with long-term rentals of high-grade commercial or residential real property (such as the cleaning of public areas and trash collection), and if the rental also includes maid and linen services at a cost of less than 10% of the rental fee, then the personal services are neither significant nor extraordinary for the purposes of the 30-day rule.A loss from this type of activity, even when reported on your Schedule C as a trade or business, is still treated as a passive activity loss and can only be deducted against passive income.

Conscious decision, timing was important, price reflected generous buffer for known needed work.What I didn't realize is, the tenants are kind of irresponsible slobs, and rather than reporting things to me or applying a _proper_ fix, they'll do a hack fix (e.g. they tied a piece of cloth around a pinhole leak in a pipe, which resulted in expensive water damage years down the line).I've run into a such few cases, where repairs were needed due to long-term tenant negligence (when they rented from the previous owner, so basically before our lease), and I'd like to protect myself and hold them accountable for any future such things that come up.

They probably mean, you can't apply until it's under contract, and they won't look at it until it's under contract.