I would recommend listening to the straight up Chicago investor podcast as well as local meetups.

I do like the idea of 0% interest and all of my payments go straight to principal and technically speaking I will be cash flowing at the same time.

Estimating market value and/or market rent is not straight forward, which is why the most reliable way is to contract with a qualified commercial real estate appraiser, but I understand the apprehension of spending the money for that.  

Why cheat in a business that can be so profitable playing it straight?

Doesn't mean its a necessity to have it formed here but it is a fairly straight-forward process. 

Often inexperienced loan officers and loan officers at banks and CU's simply do not see many deals that are not very straight forward so they just do not know, so they might inadvertently waste your time because the underwriter will know and deny the loan 3 weeks down the road.To complicate it a bit more occasionally lenders will have "overlays" which just means even if Fannie/Freddie allow a certain loan spec, that lender does not for whatever reason but that is typically credit score related.

Now that caught my attention because as a straight W2 earner with essentially zero write-offs I've been paying 6 figures per year just in taxes.  

Why not go straight to DSCR?

I’ve worked with hundreds of agents over the years, and I’ll tell you straight—the ones who rise to the top and eventually make millions aren’t chasing quick commission checks.

See in the snip below taken straight from Fannie Mae site that shows the LLPA that would be added to an invesment property.