yes there's many programs you can use DSCR, or conventional.

@Jerry TilleyAsset based is going to be a different Non-QM program than a DSCR and typically higher rates than a DSCR.However, mid-7s on DSCR is high in the current environment and given the info you've provided. 

Most lenders typically will want the gross rents at least 75% (.75 DSCR) to 100% (1.00 DSCR) of the new PITIA mortgage payment.We offer programs with No ratio's, meaning down to 0.00% coverage.

They can lose their voucher and get kicked off the program. 

It can be tricky to find loan programs that will lend on properties below $100k, but I do think I have a program that can lend below $100k, and if you had a 50-50 LLC, you would be good to move forward at 80% LTV. 

Make sure to break it down by season to account for lower occupancy during the slower summer months and higher rates during peak tourist seasons (Mardi Gras, Jazz Fest, etc.).2.

But it illustrates the potential in Bay City.Key Considerations:Seasonal Tourism: Bay City sees an influx of tourists in summer.

Some lending programs are more or less (there are various programs) but in general 50% DTI is max.In order to ensure you accurately plan for your future mortgage its good to know up front how these situations would be affected and what borrowing power you will need when the come times to purchase this upcoming "condo."

If you are going to expand your market or consider bigger properties, I suggest you investigate some multi-family training programs like that offered by @Gino Barbaro. 

Our market is very heavy tourists, so a lot of individually owned STR condos, but honestly I've personally have had more success in long-term rentals doing the BRRRR strategy with small multi-families and B-Class SFR's.