Cash reserves, excellent credit, variable income. Where to start?

[Moses Villarama]

Hey BP community!

My wife and I live in LA and are looking at buying real estate. We've got a decent chunk of liquid reserves and credit scores above 800, but we can't get a loan because our income from 2020 and 2021 was largely from unemployment. Any advice on where to start? We're pre-approved for a DSCR loan but it would mean an interest rate above 8% and putting in a large chunk of our cash into one home. Would it be better to buy an investment property in a different market to generate income first? Are there other strategies?

Thanks,

Moses