Loan options for STR in NY State

[Sean Bramble]

Hey BP! I'm seeking a low money down loan for my first STR investment in NY state, and wanted to stress test some assumptions I have about the type of loan I'm eligible for. Here's my situation:

- Rookie investor searching for first STR property in the $1M range (I have experience hosting before)

- No W2 income - left my mgmt consulting job last summer to take care of my dad who was sick, and haven't returned back to work yet .... would like to get started with my first RE investment before entertaining the idea of returning back to work (or just go full time into RE, eventually syndicating deals after I run out of capital to self-fund)

- Credit score in high 700s

- $700K liquid NW across stocks & 401K

Based on my research it appears a DSCR-based loan would be best in my situation, but I hate to put 20% down when I know so many others are investing w/ 10% vacation home loans (which I can't qualify for). Are there any lower money down options available to someone like me who can't meet the DTI requirements common w/ second home/ conventional loans?