Hi Eric - As you can see from the comments, it is up to individual discretion to call DSCRs "no doc" loans or not.Investors are drawn to DSCR loans due to their simplified documentation process, which offers less paperwork and hassle compared to traditional lending options like conventional and bank loans. 

A traditional flip simply requires more cash than you have.

Doesn't matter if it's an investor or a traditional buyer needing to get a loan that was brought by a realtor. 

In my experience, traditional banks tend to have pathetic mortgage lending competence because they haven't invested or cared about this vertical in over a decade. 

Traditional financing currently in my 3rd year into the hack and looking for another.

Would it be a mistake to not take advantage of the low money down loans for a first time home buyers primary residence, and instead attempt to invest out of state in a traditional investment property?

And harder to work through those details with traditional lenders. 

I came from a traditional real estate background and got involved in land flipping years ago.

Traditional roof.

Non-QM loans are financing products that are outside of Fannie Mae/Freddie Mac and are non-traditional and because of that, they will typically have higher interest rates/points.