However, not everyone has the income to qualify conventional, so the alternative route would be DSCR loan where the program doesn't look into your income, instead it evaluates based on the subject property rental performance based on the ratio system.

Over 20 years ago when I started a hard money fund a “potential” client asked me to evaluate a potential acquisition for him, which I did.  

What I’d recommend is mapping out all the possible scenarios and evaluating what works best for your situation.

You could also possibly partner with a relative who knows / trusts you to make up for any shortcomings you may have.After that, presuming you have good credit, you can go to a mortgage broker and they will evaluate your credit and financial "worthiness" against their requirements for their lenders to lend to you.  

Your perception, where you grew up and how, are going to determine how you evaluate a neighborhood. 

Just a heads-up—bonus depreciation can be claimed up to 60% for 2024, and it will drop down to 40% in 2025, so that’s something to keep in mind as you evaluate your options.I’m not endorsing any particular company, and I don’t receive referral fees for recommending the one I used.

They all have employees and offices and overhead and are not doing this alone.

However, the joke is on them, I am a BRRRR investor, have over 30 employees and do all of the work in house on my investments.  

I am trying to evaluate the benefits & risks on purchasing a 2-4 family or a single-family home and convert/build an ADU.

Once you have an idea of what you can do you want to evaluate the site and the market for competition.