Non-bank lenders underwrite to the property's cash-flow (and most don't have an income requirement at all, it just plays a role in the rate you receive) and they do not look @ your tax returns, personal income/DTI.

So I would take a few minutes and layout your long term goals and how you want real estate to fit or play a part in your goals. 

How does using an FHA play into that?

No fuss, and no issues.Furnaces are plug and play.

The play emphasizes equity a little more than cash flow.I live in Mequon and we invest in the suburbs; so obviously I believe in the advanatages, but with higher price points, a noticable smaller tenant pool and therefore more time to fill compared to Milwaukee, it comes with its disadvantages as well.

Understanding your full role, how much of the property management you are doing, and the size will help narrow that down a bit.  

Now the real question after saying that is "when is the down turn"All down turns where right after a false flourishing economy (aka the correction), always when governments play God to manipulate the natural economy, always always it will get things jacked up.

I've figured out you have to play the game in this market.

Interested to see how your deal plays out, keep posting!

We have a portfolio that we self manage, some that we hand over to property managers and we are doing some debt plays.