It is complicated because these investments are long-term, illiquid and completely out of your control.  

Conditional and unconditional lien waivers prior to getting paid.Happy to chat more@Chirag Mehta @Ronald Rohde, I completely agree with obtaining conditional and unconditional waivers throughout the duration of the project.  

DSCR Loans don't take DTI into account and are aimed at looking primarily at the property so if it cash flows, don't have to worry about personal income!

Also, I plan to put 20% down...rather than 25%...which will allow me to keep cash on hand to complete the needed rehab.  

I own a complete real estate management company and am very familiar with the market. 

I don't need a complete virtual assistant, just a street address and box.  

I am new to real estate investment and planning to start ramping up long term rental properties in 2025, however my first two primary residences were both converted into MIL's and rented within months after closing which effectively followed the House-Hack tactic (we currently rent our furnished basement to primarily traveling nurses for 3-6 months at a time which covers 70% of our mortgage).

Real Estate Professional status and Trade/Business are two completely separate issues. 

They used their money, time, and resources to offer you a complete investment, including in-house management. 

Even if OP can complete a purchase in Cleveland with $23K, aside from valid concerns others noted about reserves, is the risky asset in a distant market really the best place to invest?