The best option would likely be a construction loan, which can cover both the purchase of the land and the build.

Regarding borrow's DTI, Chase thinks that this item is not that important.I wonder will my high DTI impact the loan underwriting?

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

If you've done a complete renovation—say, updating a 60-year-old building to 2025 standards—their quote could be outstanding.

Well its just like in our business when we make a loan and the borrower stops paying we deal with it..

With $50K and a DSCR loan, your budget will likely cap at properties in the $150K-$170K range, depending on the closing costs and any repairs needed.

First, this shows how outstanding 2022 and, particularly, 2021 were.

The loan is with you, not with your tenant, so none of that means anything to them - in fact because you live in one unit and it's under 4, if you were self-managing you don't even have to abide by fair housing laws (at least on the federal level). 

The lenders that offer the 203k renovation loan are telling me that DPA cannot be used with it and this is in Ohio.

@Kayla Elliott  Hi Kayla - this was a commercial mortgage loan with a local bank, that held it "in house" after it was issued.