For further context, we are trying to have him be the name on the loan because he would be able to utilize his first time home buyer loan to take advantage of the lowered offered interest rate.

DSCR or Fannie/Freddie loans can go up to 75% on single family homes, multi family homes (2-4 unit) max at 70% if you stick with Fannie/Freddie.Other things to consider would be:Paying points for a lower rate vs higher rate with no pointsIf going DSCR - Prepayment penalty term (0-5 years)The lower the loan size ($200-250k and lower), you should consider paying up to 2 points and doing a 5 year prepayment penalty if going DSCR.

The equity is actually what you are paying for the property.In this case let's look at the numbers that count,...the current numbers.You have about $500k or more in equity, which is buying you a property that's worth about $700k (I went with the lower PV. 

The probability of that happening drops much lower when YOUR voice is heard, when the actual victims get a chance to speak.

By accelerating your depreciation schedules, you reduce your taxable income which in turn increases your operating cash flow.

It's lower than 1.5%, sometimes I price deals out conventional & DSCR, DSCR beats conventional pricing a fair amount of the time.The only catch is the prepayment penalty on a DSCR loan.

I have focused my research on house hacking due to the lower upfront capital requirements with an FHA loan.

I prefer to stay further from the coast and hopefully further from major storm/flooding events (potentially lower insurance costs).  

Again you can buy more properties in lower asset class area, but it's less efficient.There are many threads about appreciation, so i won't repeat it here, but my guidance to you is to think through the difference between appreciation and inflation. 

That will get you looking at cash flow and end up in a lower rated area than you think.