The additional advantage to a DSCR loan is that they do not impact your DTI and  you can keep them inside of an entity to help provide an additional layer of liability coverage if you would likeEntities would also allow you to be flexible in your ownership structure, if you need to add someone like a credit partner to help get better terms.Just shot you a DM, would love to see how we can help.  

VRBO (may have changed it) but does not have coverage on stuff like this type of thing. 

what  happens if one partner wants to exit the property in the future and the other person doesnt )    2)  consider  buying and  financing it as a rental property  or using a DSCR  ( debt service coverage) type loan   3)  consider  additonal co borrowers  that are  strong  ( relatives )   4) obtain a new job that has a salary  that can be used  5)  wait to buy unitl you have the  seasoning for the variable income 

Debt is not taxable income, so there should be no taxes due.I'm no lender, but you will need an asset-based loan like DSCR (debt service coverage ratio). 

If you are looking for a couple thousand dollars per month to supplement your social security and any other retirement savings you have, that is totally doable.  

Do I have to let my insurance know this new name as DBA to be sure no loss in liability coverage if under a different name?

You each should contact your insurance company to see whether your policy contains flood or "difference in conditions" coverages which may be able to help out.

Then submit a Rental Application AND a Rental License Supplemental Information form6.

Basic work might be okay again you want to establish clearly the move-in condition and tenant responsibility.Pictures are a good way to supplement the checklist before and after move-in. 

Hi Ayyoub-Great question and I am right up the road from you in Ann Arbor.Certainly, getting a conventional loan may provide slightly better rates than an investment loan like a DSCR loan.However, if you are buying income property you can use the income to qualify for the loan with a DSCR or Debt Service Coverage Ratio loan and not so much your personal finances like a conventional loan.Basically, you need three things.1.