I was thinking I could do low money down, 5-6% interest with a delay in starting monthly payments for ~6 months (for renovations) as a way to hedge against some of the risks and stop the bleeding so to speak.

They are bleeding with all the carrying cost, taxes, insurance, maintenance, vandalism, etc.

I'll skip the math, but yes this will be a factor in your DTI.If your tax returns say that the property bleeds money, it'll kill your DTI no matter how much you are "actually" getting in rent from the tenants. 

I have four accounts over $10,000 and most of that damage is from pets or because an owner refused to let me take action early, usually because of some bleeding heart story.Find a professional, at least until you are more stable and prepared to take on management yourself.Remember: cheaper doesn't mean you'll make more money.Start by going to www.narpm.org to search their directory of managers.

Way to take advantage of your time capsule and start early.I understand the sense of urgency, but you are doing swell, so don't shoe-horn anything and get into a bad spot with private/hard money.I also get that $1700 is too much, so can you get a roommate?

I have resigned to not seeing any more money from them and having to pay the mortgage myself, so trying to stop the bleeding.

GO GET EM...Listen to only folks who are in the game :) There will always be noise from the nose bleeds

They get bad tenants that don't pay rent or trash the property, they start bleeding money, and suddenly their golden egg turns out to be a lead weight they can't wait to unload.Look at the recent market.

Yes rates are higher, but you wont be bleeding.

If you do manage some combination of funding that lets you borrow 100% of the purchase (possible with multiple sources and some sort of owner financing) you will be on the bleeding edge.