It sounds like timing is also an issue for you. 

Your major issue in the discussion. 

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

The one issue for most first-time buyers is that these properties will often end up needing to be rehabbed. 

Those cabins that would cash flow - well, we didn't always love them or they had issues. 

Any competitive DSCR program is going to be in the 90-day seasoning range for allowing a refinance based on the newly appraised value.Your 9-month seasoning should not be an issue, barring an extremely unique situation (like inheriting a property or having it gifted to you).------------------------------------• 0-6 Months (Delayed Purchase, no Rehab completed) - up to 80% of purchase price• 6+ Months (Cash-Out Refinance, no Rehab completed) - up to 75% of appraised value• 0-3 Months (Cash-out refi, Rehab completed) - 75% of appraised value [good rates]• 3-6 Months (Cash-out refi, Rehab completed) - 75% of appraised value [best rates]

What it appears matters most is who the issuing bank is. 

You need to set a deadline for them to correct the issue, then follow up with an inspection or other method to confirm compliance.

Also, other than RICE insurance, do you pick up any additional liability insurance in case something goes south with the deal and there is a liability issue?

@Akash AgrawalYou can have single person on mortgageThe issue about deduction is who is actually paying the mortgage?