For a DSCR loan as a foreign national, you'll need a downpayment of about 25-30%, plus some liquidity to cover closing costs and reserves of about 6 months of mortgage payments. 

@Steven Libman very cool.

Still super cool to see the area turn around.

experience and liquidity 

With that being said, I am currently looking to buy a multi family project in Ankeny and liquidating many of my properties in the Iowa City area. 

HMM all due respect, not cool to the seller.

I think taking the liquidity makes most sense right now, but I would really value the community's input on the numbers here and strategy.

But the example you gave, I would estimate $3M as a good starting point for the project.Your post liquidity also will be looked at as well.I would recommend partnering with people that compliments areas you may not be strong at for your project.

Furthermore, I know that there actually are really cool homes in the area, because I see them on Airbnb, seemingly killing it.

It does tie up more liquid capital.