You can self finance or you can apply for a DSCR loan.

@Duke Butterfield You are thinking like a true grass roots investor. 

People should stop applying sale of goods theories to it.    

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If you gift a house, the fair market value (FMV) at the time of the gift applies to the lifetime gift limit—not the amount you purchased it for.

What goes into proving that it is over 60% and when do you do it (before submitting for a permit or when you apply)?   

His "owner occupied" loan application is ok if he intended to live there when he applied.

I would remove the parts that don't pertain so you don't have to bother with checking boxes or lining through clauses that don't apply.

Taxpayers within these zones are automatically granted this relief without needing to apply, offering some respite as they focus on rebuilding their lives.

I am rooting for you.