The most successful loans are those that do not procrastinate and get the appraisers In ASAP so you can get over any unexpected bump in the underwriting process.

Over the next 5–10 years, I plan to scale to a portfolio of rental properties and eventually diversify into syndications.I’m particularly interested in the Lynchburg, VA market and other areas with strong rental demand.What I Bring to the Table:I’ve been saving aggressively, and I’m exploring physician loans to help get started with minimal upfront costs.I’ve done a lot of reading (shoutout to BiggerPockets books!)

A few thoughts- do you have any equity in the car with the $20K loan? 

That's the opportunity.I also recommend engaging an 'investment focused' realtor (not the general residential ones) to guide you through the process and provide you with market intelligence. 

Credit pulls for the same type of loan within a short window (usually 14-45 days) are treated as one inquiry, so your score should be fine.

With the numbers you provided above, you will have to ensure you have healthy reserves.

Regarding borrow's DTI, Chase thinks that this item is not that important.I wonder will my high DTI impact the loan underwriting?

Us: We want to buy the property, fix up the (3) apartments not occupied by her parents to generate rental income.QuestionsMy thoughts are to work out a deal where we purchase the property from her parents without taking a loan from bank.

Of those two, I actually like the first one better because you have a competitive advantage to that market and the amenities you could provide.

So they permitted the room as a bedroom and do the work through a contractor for $20,000 and now they get more money today due to livable pace added verse a dining room that was not providing as much value as a rental.