Play the long game and hold onto that equity. 

Verifying last 2 years of rental history very important!

We recently relocated to Phoenix last summer and I'm starting to look for recommendations for local credit unions here in Phoenix which are trustworthy, low rates, personal touch, easy/simple to work with, etc. 

No single, long vanity lights or mirrors!

We don't have much capital to work with outside the equity in our current home, but should be able to come up with first/last/deposit on a rental without selling.  

You are attempting to create the Roman Empire here, something that lasts into perpetuity, when today you're lucky if you can create something that lasts 20 years. 2.

In the last two days, I met with two business sellers who have net profits of $580,000 and $600,000 per year respectively. 

IT seems they have been around for a while, but not that long. 

But last I check their requirements for LTV/DSCR was very strict.   

He included my Last Will and Testament, Living Will, Advanced Healthcare Directive, General Durable Power of Attorney, etc.