Depending on the types of repairs needed you may or may not be able to get a traditional mortgage for the property. 

Others specialize in buying rentals using traditional 20% down methods. 

But no one is getting rich off that cashflow even in a best case scenario.So to outline this again, here's the alternate scenario.

I wish I would’ve read rich dad poor dad sooner.

This can be particularly advantageous for those in need of quick funds or looking to steer clear of the strict criteria set by traditional lenders.

If you stay/buy in the expensive/deed restricted area, you know you're going to have some challenges...you might become "house rich and cash poor"....Just something to think about.Let us know what you decide to do, and how it turns out. 

What you’re getting at is that when you lose your W2 it significantly worsens your debt to income ratio – which would make getting traditional loans harder.

I second Don and Chris.Hard money lenders are typically able to approve much faster than traditional financing due to the fact that most of their underwriting is based on the asset--in this case, the house. 

The unfortunate reality is that the national average is around 28k for hairstylists.I own my own salon suite, and believe it or not it's the most money I've ever made in my career so going back to a traditional salon is not an option I plan to pursue.I was planning to so a small multifamily (duplex or triplex), live in one side and rent the other out (my boyfriend would also be paying me rent as well).There is no shame in what you earn!

You are interested in real estate investing and are looking for resources to develop your knowledge.I work with a lot of doctors and busy, high income earners to help them build real estate portfolios to slow down at work and offset some of their W-2 or business income.Some books to consider are Multi-Family Millions by David Lindahl, Investing in Real Estate with No and Low Money Down by Brandon Turner, and Equity Happens by Robert Helms & Russell Gray.Some You tube channels to follow include Get Rich Education, Ken McElroy, Jason Hartman, and the Real Estate Guys Radio Show.Yes, until you are making attending physician money, I would house hack the house you live in by renting rooms or buying a duplex as a primary residence with low money down.To Your Success!