I know most BP note investors deal in SFR notes exclusively, or at least mostly, and for myself 98% of my note investments are notes secured by commercial properties.  

The second one to build a security net.I've simplified the deal a lot but... am I missing out something obvious?

One powerful tool that can help investors secure better loan terms is asset utilization—especially when the DSCR (Debt-Service Coverage Ratio) is under 1.🔹 How It Works:If your rental income falls short of covering your mortgage (PITI), you can use liquid assets to supplement your income.

I had found some regulations about VA guidelines and it speaks about recent separations and states that anyone who has recently seperated and doesn't have the needed 2 years job security can still be processed but underwrites will use their best judgement and will have flexibility.

Since you're 6-12 months away from buying, use this time to build investor relationships, master deal analysis, and secure financing.

PM's will keep all late fees, they hold the security deposits so they collect all the interest on security deposits. 

You can borrow  against a 401k or another property you own for example, but that would a secured loan.

You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

Unless the medical condition meets the state criteria for early termination and that the medical notice does not appear to suggest that, you cannot terminate the lease outright/immediately but that you will begin to market the property for rental and upon securing an acceptable tenant, the lease can be terminated pending a satisfactory property walkthrough indicating no damages. 

Quote from @Marc Shin: My STR is located about 3 minutes from a University.