So, whichever market you choose, make sure you have a team that is going to support you throughout the journey.

By far the most flexible, as you can work from anywhere with a laptop and cell phone.

But you can certainly use Fannie/Freddie to do a cash out loan right away up to your purchase price or 75% (whichever is lower). 

Whichever route you decide to take, I recommend not tying up your entire capital and reserves.

If the property is already leased, then they have to use the 90% of 1007 Rent Schedule OR the actual lease in place, whichever is lower. 

However, it would cause me to rethink my lease agreement, rental fee and deposit/cleaning fee (maybe a fixed amount per month OR a certain percentage of rental income from tenant's, whichever is greater).

If you feel that the BF is living on the premises without a lease, then I would encourage you to confront the lease holder about the situation and let them know that either the BF needs to be placed on the lease OR she will have her lease either terminated or not renewed (whichever your lease allows). 

We found a pro photographer and trade her a weekend to do all of our pictures...what a huge difference between hers and the cell-phone ones I had taken...!

But make sure which ever you do, it's in your lease.

All in all there is several ways to tackle this but whichever way you decide just pick it and commit.