How would I qualify for a 203 K loan (Construction loan)?

What in your opinion, qualifies a landlord as "cheap"?

Additionally, Chase bank tends to agree with me as they had absolutely no problem qualifying me for another mortgage, but Chase doesn't want to finance anything that has dry rot (which any discounted property will have) due to it being a health issue.

If they are qualified, the new tenant signs a full lease agreement and the original Tenant and Landlord sign a one page Amendment To The Lease Agreement, acknowleddging any changes, like a rent increase or additional tenants.If your lease is vague, learn the local Tenant /Landlord laws in your area and get help.

The DD214 gets submitted to find the total amount available you qualify with 41% back end ratio.

I know I couldn't qualify or even attempt to make the payments on my own house and on a second house of even higher value.

@Jehon Bendokas a bridge loan is probably the way to go until you could get the property to qualify for permanent financing.

Once you are in your job 3- 6 months and have taxes done then contact a lender [you can do it sooner and see if you qualify- that is first stepIf you go the hard money route - you still should get all that together. there is nothing more frustratign to finding a deal and cant get financing together. most HML need enough equity to make it work [you should know the market inside and out so you can spot a good deal'

Does he qualify for an FHA loan given he's currently unemployed yet has a good amount of capital that would be more than enough for an FHA down payment?

With your sudden and big bump in salary, you'll want to confirm that you can use the new increase to qualify toward a mortgage of your liking.