Many borrowers think they can “cut out” the middleman (mortgage or loan broker), save some upfront “points” and fees, and go direct to a lender.  

I have been saving for years to invest in my first multifamily property.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

A moderate 80s update in Houston may not match Indy, so leaning on someone who knows the local buyer pool can save a lot of back and forth.All the best,Johnny

@Ben Cochran I hope you have factored STR tax savings into your cashflow and ROI as it can be significant.

When developing, I'd first talk with the city building/zoning about what they want to see more of and where, and try a simple project that should be smooth sailing on plan approvals, saving you time and money. 

I’m exploring all options to try to save myself.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

If you can live for free and only pay utilities AND buy an investment property, that would be ideal in terms of savings and cash flow.If you can't stay and your parents want to make some money on that property, then yes, house hacking would be your best option especially since you don't want the best place in the multi.

This will save you on subscription costs.If you want to discuss any of this further, I'm happy to answer questions and help walk you through it.Best of luck!