I have a dilemna and I hope the DG family can help me out with this one or give me some ideas. I recently closed on a 3 family property using a FHA loan, with 2 units being rented out and I'll be living in the other one. Since then I have found a nice piece of property that I am very much interested in. It is a condo and they are willing to take 30% off the listing price, which makes it a great deal. Similar comps go for a lot more than even their listing price. So here is my question - Since I already have a mortgage with my first property and since it was purchased this year, will I still be able to use 75% of my rental income to qualify me for this second mortgage? I read somewhere that I will have to have at least 2 years of rental experience before most lenders would let you do this. If I won't be able to use my rental income, what are other possibilities?...I am not looking to borrow from a hard money lender nor do I wish to assign this property. I want to keep it and rent it (will not be cash flow positive). I am also able to put down 20-30% down on the second mortgage if that helps at all. Will the bank be more open to giving me the loan, knowing that after the down payment and the 30% mark down, there would be about 45% equity in it?