If you plan to live there in the winters, you might have a hard time doing long term rental outside of that and finding a new tenant every summer.

Plus there is a lot to do here so it is hard to be bored living in NJ.

I try sending a video or doing a live video walk-through with them so they can get a better idea of the layout, condition, neighborhood, etc.2.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

In my opinion, Dallas represents more upside with lower risk, and is less expensive than Houston.

Being in Washington State, where properties are expensive and good deals are scarce, I see this as a potential opportunity to jump into my first real estate investment.

Is this a LT residential interest or more like a shared sober house living situation?

Vacancy is VERY expensive and can destroy returns, especially if you have to reduce rents anyways. 

After 45 + years as a real estate investor, broker, lender, fund manager and syndicator, I’ve become aware that the “dream” of many investors and investor “hopefuls” is to be able to generate enough cash flow to live off their real estate holdings and accumulate enough wealth to make “work” optional.

I also use their virtual credit cards which enables me to assign a card to a specific person, like the cleaner for my STR for example, so when she runs a charge, it automatically drops into the right account in terms of categorizing my expenses.