I am working with a lender and talked with them again this morning to verify some of the details. They verified that as of now I only need 1 year of history based on Fannie/Freddie requirements, basically rendering the property a rental (I will have out of the house for a year). I was also told I will need 6 months PITI for both my current property and the new property since I don't have 30% equity in the house. We are assessing the numbers to see if this will work.
Thanks for all the input, and Kirk I did listen in on your show. The spreadsheet you developed sounds interesting.