There are a number of nonQM mortgage products that can assist even without a W2, honestly most of it starts with a consultation with a lender that has done these types of deals in the pastThanks Clayton. 

Always consult your own advisors before making investment decisions.

Always consult your own advisors before making investment decisions.

The lender normally is Not consulted about the arrangement.

As an accountant (controller) and a consultant, accounting isn't something you can just pick up because it takes a lot of time and understanding how things need to be coded, making sure the CPA is happy with how the financials look and other misc things.Just think of this, do you think you can effectively speak with the CPA(s) when it comes down to it? 

Always consult your own advisors before making investment decisions.

To ensure correct classification, consult a real estate tax expert to optimize deductions and compliance.This post does not create a CPA-Client relationship.

If not, then consider consulting a good tax pro.

Consult some local professionals first.

From my 10+ years as an investor and consultant, here’s what I’ve seen work for first-timers:Move-in ready: Easiest to manage and rent quickly, but might limit cash flow and upside.Cosmetic rehab: Often the sweet spot—you can increase value and cash flow without taking on huge risk.Significant rehab: Can work, but only if you have a reliable team (GC, trades, inspectors) and understand the rehab numbers; otherwise it can eat your time and cash fast.For a first deal, I usually recommend something manageable that still offers room for value-add—cosmetic rehabs are often ideal.