DSCR loan - first time investor need advice

[Kendall Temotio]

I am a first time “investor” so looking for advice. I currently own my primary residence  on a conventional loan. I have equity but not enough to get another loan on a property I have my sights on. 
the land I want to purchase is 2 acres in one the last open/rural zoned pockets surrounded by $600+ PUD homes. The 2 acres is buildable, with utilities already, surrounded by horse pastures and a golf course. My goal is to buy the land ( asking price is $650) and spend another $150k to put a modular home on the lot to rent for $3000/month. It was recommended to me by a broker to do a DSCR loan and am waiting on actual numbers and if it would even qualify. eventually I'd like to build a permanent primary residence for my family on this land, and convert the first modular home we would rent into an ADU. I realize that this idea is spearheaded by my personal interest to the property and long term goal as a primary residence but am hoping that the idea to rent it out and use the cash flow to not only get the DSCR loan and pay for itself is in fact a smart idea. If it's not a smart idea any other ideas ?
Also, if we do get the DSCR loan on the land and modular home, rent it for a couple years could we then convert it or refinance it to a traditional mortgage. Is that even necessary. Will the lender allow us to build for the purposes of owner occupied residence ? I feel confident that we could qualify for the DSCR and use the cash flow to pay for itself and we have other ideas for the property to produce income ( if it’s allowed) but my fear is in 2-3 years when we are ready to build on the land for ourselves, we will be stuck. 
 
A possibly simpler version of this idea is buy the land and put a larger modular home up, the one we eventually want to call our own. Rent it for 1 year (I think there is a 6 month minimum for renting under the QSCR loan right?) and then we move in and call it our primary residence. This would avoid building after securing the Loan but still want to know HOW do we make it our primary residence after a year. What is the process ? Is there a penalty in doing this? 
Thank you! 

[Caroline Gerardo]

DSCR cannot fit with land purchase as at closing you have zero rents vs principle interest taxes and insurance plus all your other bills- primary, car, credit cards. You probably need 20 -29% down to make this work plus a large deposit to the modular builder plus cash for permits and hookups.

Land purchase $650000 + $150000 modular + permits and hookups $20000 = $820000 will it appraise are there comps for a manufactured/modular for $820000? 820000 -164000 which is 20% down your piti will be $5562 you say rents are $3000 the answer is no you cannot do DSCR even when the whole project is complete.

Manufactured/modular is not the same value as stick built. I would suggest you plan to build this as a duplex. Set up the utilities for two houses. Move into the modular and build the stick built house while living there and rent your current house or sell it for the cash you need. Ask seller of lot to carry paper at 8% 15 year note due in five. Lots take a while to sell and give them small down payment. Then save the $164000 that you need in cash. Then find the modular and permits.