Find a mentor that can help you through the purchase of your first house hack, and get something you can fix up off market directly from the owner.Use the help of the mentor to find out if it's a good deal and to help you understand if it could work.  

Purchase price: $3,636,000 Cash invested: $700,000 This is a brand new 40 home build to rent manufactured housing community.

Purchase price: $250,000 Cash invested: $75,000 7 bedroom Padsplit property at 93% occupancy What made you interested in investing in this type of deal?

Purchase price: $600,000 Cash invested: $30,000 Purchased single family home, finished basement making the property a duplex.

I have helped Canadians purchase real estate here in the past.

I invest in Memphis, TN and I use the BRRRR strategy for most of my purchases.

Purchase price: $4,100,000 Cash invested: $2,000,000 79 unit value add apartment complex with roughly 800k in cap ex completed What made you interested in investing in this type of deal?

Purchase price: $80,000 Cash invested: $80,000 This is a reno- adding a 1 bedroom unit to a three family home.

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 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

It seems that if you can find a good deal on the purchase price, are willing to do cosmetic updates (floors, painting, maybe a kitchen) you can get that 100-200/month cash flow.