If DTI is an issue as you say, then the DSCR might be your best bet, but most DSCR programs aren't set up for a renovation.

Same for 2-years of job/income stability.Tenant Default: 10-20% probability of eviction or early lease termination.Section 8: Class C rents usually meet program requirements, proper screening still recommended.Vacancies: 10-20%, depending on market conditions and tenant screening.Cashflow vs Appreciation: Should cashflow immediately, at the lower end of relative rent & value appreciation.Class D Properties:Tenant Pool: Majority of FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, but should have no convictions/evictions in last 12 months.

There was an old program on TV by a long-passed guy named Carlton Sheets.

Hi Eugene,Totally understand where you’re coming from — the vacancy gap and PM fees can really add up, especially when you’re managing from out of state.I work with a Houston-area housing program that leases homes long-term and keeps them consistently occupied with responsible tenants.

Bigger Pockets members & Investor's make sure you do your due diligence and learn or ask about Non/QM & DSCR programs when buying an investment property rental. 

From my experience they are good investments, but in the recent years the program has gotten extremely tough to work with.

Helped several clients, specifically physicians this year along with @Jason Wray's medical program acquire STR's and take huge advantage of this. 

If OP is a first time homeowner, there are a lot of programs here to help first time buyers (read the fine print of conditions for these programs).- buy a home here, rent out the rooms (if you don't mind having roommates) or buy one with an ADU, rent out the ADU as a long term, MTR or STR (if there are no AirBnb restrictions).

I do have a program that will go to 80% on NOO, but the min loan is 125k. 

District of Minnesota | Maryland Man Indicted for $35 Million Bank Fraud Scheme | United States Department of JusticeMarketed a program for investors to acquire commercial real estate located in various states.