It'll be a bit riskier than buying something already renovated, but if you have the right team and numbers in place you could pick up some more equity on day 1, have less money out of pocket, and have something that produces some cash flow. 

So you can of course cherry pick those and stay low risk, but then you're much less likely to hit your $120K/year since you can only do as many of those deals as come up and you successfully beat the competition out on.

For hardwood, that will take much longer and I'd bet they'd walk on it or move heavy furniture before the top coat is cured and damage it.

If you are convinced this is the guru you want to follow, pick up a cheap resale on amazon or ebay...read and study it cover to cover. 

I'd love to pick your brains about investing in the Columbus, Georgia area.

They would have more experience with DSCR calculations and may pick up on what you're getting at more quickly compared to a loan officer who typically works with owner-occupier customers.I have no experience underwriting consumer loans so I certainly could be wrong about who can or does what but my point is to not get hung up on needing something called a "DSCR Loan".

Once you start answering those for yourself you'll be able to find a few strategies that could work, then you can start researching them, and then you just pick one and start trying to do it.

@Roman A Sandlermore important than picking a market is having a plan for building a network.just to be blunt, i think a lot of investors pick a random market using a formula like you did, rather than picking a market where they might have some kind of advantage. 

(That way you know they actually paid and you have starter funds.)Do you have a PM picked out?

Sadly I can only pick one family so I try to not give the other 99 any BS.