If so you may have some full doc options which have the best rates typically and terms.Like others have mentioned you have DSCR loans too but this only allows you to purchase non owner occupied properties (not primary residence or second home occupancy type properties).

I did a quick look and violent crime rate almost double that of Illinois as a whole. 

It's challenging especially locally these days with today's interest rates.

I'm interested to hear about this due to rate hikes and optimism in the real estate world coming in the year ahead! 

Many of these were lost in tax sales, and the ones that they got re-performing underwrote loan mods at low single digit interest rates during ZIRP and could not resell them at a profit once interest rates were hiked.

We were discussing options for payment as we don’t have a lot of capital at the moment, however they have a property that has a bit of equity we could tap into, but they already have a favorable interest rate.

Eventually I realize that when I think about living on post-expense rental income, I’m treating the income as the “withdrawal rate”, in Boglehead parlance.

@Brandon VanTuinen  FYI the appreciation rate in City of GR is around 6% right now, so you're making around $24,000 a year just living there.

From my research Poughkeepsie looks like an area on the rise. 

What is your rate currently?