Current house is 2500 sqFt 4 bed 2.5 baths. 

Looking at purchasing small 3 BR 1 BA house.

This is generally why nonqm like dscr exists.

I recently looked at an existing STR, but either the seller did not track the expenses or they did not want to provide them. 

@Tim Holt, Yes INDEED house hacking is the best option for most 1st time buyers.  

@Marcus Stokescan you start with a live-in flip or house hack instead?

There are actually THREE kinds of subject to transactions1- subject to existing mortgage without lender approval2- subject to existing mortgage WITH lender approval3- subject to existing mortgage as part of a seller financed wrap around mortgage.with #1 and #3 it’s in everyone’s interest to utilize a third party servicer, who collects and then distributes payments.  

Purchase price: $302,500 Cash invested: $5,000 Utilized VA Loan for a House Hack for my first Rental Property.

Other lapses include forgetting to include utility fees in a new lease which was previously discussed with the owner but the new lease got signed by an existing month to month tenant and was not shared with the owner before the tenant and the PM signed it!

Over the years every single time I went over his house to hang out we would talk about money, investing and the future we were building.