Maybe my experience is unique- maybe not.

Gray area interpretation up to individual courts which have rendered seemingly contradictory decisions.  

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

Ironically it's normally the individuals who go to the greatest lengths believing they are protecting themselves who are the most reckless in the way in which they operate their real estate.

So, you, as an individual, may not get to the same rate that a MASSIVE national builder can...but you can certainly offer credits to the buyers to help buy down the rates. 

Plus, living in the property gives you the unique advantage of understanding it inside and out.. making you a better landlord when you eventually rent out all the units.If I were you, I’d prioritize properties with room for rent increases or small upgrades that could boost value.

Requiring the homeowner to replace the pipe individually would seem like a huge octopus of inspections and enforcements and etc.

Does the parcel have unique and challenging characteristics?

(systolic pressure rising so won't get into that)And many less experienced individual investors in SFRs don't do as well as others and "well" means what could you have done otherwise.

Read: The millionaire real estate agent; Hyper Local Hyper Fast AgentWhat are some effective ways to network with individuals at all levels?