As an investment, I would never consider a property that brings in only 7% of the purchase price.

I would love to purchase a property that has done all of the work already, and cashflows. 

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).

My goal is to purchase my first property between now and mid to late 2025.

I am 1600 miles away from three residential properties I just purchased in Jackson, Mississippi. 

As we all know, you are really paying for the commission in the purchase price. 

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.  

I'm researching more because we had hoped to eventually purchase the space. 

Quote from @Paul Whitehurst: Many will tell you to borrow money from Property A to purchase Property B, but that's known as over-leveraging and not recommended for a newer investor.

Hello all, I recently purchased a condo on the east side of Madison from a foreclosure sale auction.