Is the price based on the numbers it generates as an AirBnB or market price compared to the houses around it?

If you don't have the sufficient income history, you could possibly get away with showing the bank an employment contract if you have one.

@Michael McCloudIf you have a 401k with your current employer - they likely will not allow you to touch those funds.

Hello Brad,VERY excited to receive your response.Presently, we are refining our business plan.WE are a team: 41 years as a sole proprietor self-employed carpenter /builder on the east coast from Maine to Florida.Jessica is the Operations Manager directly supporting the owners of an established Malibu, CA-based vegan company, with manufacturing located in the Philipines.

@Naman ShahJust because you register an LLC in a state without an income tax doesn't mean that the income generated within the LLC will not be subject to income tax.State taxation will depend on the state where the member lives and where the business is conducted.Also be mindful that you may be subject to California's $800 fee regardless of where the LLC is created aslong as you are a managing member.

I would like to generate some passive income with an eye towards making rental properties my full time gig in the future.

he prolly claimed 30-40k last year, but has a business that will make well over 6 figures this year.So I'm concerned with neither of us having a big employment history refinancing might be an issue.  

Hello @Aj,Since I do not know your investment goals, below are the characteristics that I feel represent the best types of investments.Sustained profitability: The property must generate a positive cash flow today and into the foreseeable future, in good times and bad.Appreciating: The price and rent must increase at a rate above the rate of inflation.Low Operating Cost: In a location where operating costs are low, and regulations favor investors.Notice that my goals do not specify a type of property because the property type does not matter.

Unfortunately, the lenders we have talked to say we need a letter of approval from my employer stating that I am a remote worker in order to purchase a primary residence out of state.

Even if you can get around the underwriting process with your current employment making it seem like you would actually reside there, it's not a good idea. 3.)