The limits are not high at first, but they can build with good utilization and payment history.

Then get photos and get third party verification that everything was done right prior to making your final payment to the contractor.

The biggest advantage of using someone local to where you're buying is that they will understand taxes, insurance, and similar items very well when it comes to DTI/DSCR calculations and payment quotes, and they will likely have a local network of service providers for ancillary services (survey, inspections, etc).

Consider FHA loans for lower down payments and reserve for repairs or upgrades.

Sorry for the questions just curious about your method since it seems different than most.  

If I did the BRRRR method would this work out perfect?

Mortgage payment is $1671/mo. 

Spend the time now reading and learning so you will be ready when you have the down payment for your house hack.

I have investors that I set up loans with private money that only use this method because of the speed.

You can also use the Enemy Method to check the rates of your competitors.