In neighborhoods that won't attract high credit score tenants, I've found that a stable job history with a MINIMUM of 1 year at current or previous job to be the best indicator of a great tenant. 

Tyler,Within my 20 years of experience as a landlord, if I had $150k and good credit, I’d focus on either flips for fast capital or rentals for long-term cash flow—trying both at once can slow you down.

@Timothy Hero community banks and credit unions are the OG DSCR lenders.  

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

I'm also happy to share access to a spreadsheet where I track Single Family, Multifamily & Rental Inventory for the Pensacola Market(Escambia & Santa Rosa Counties) each week. 

Also, keeping track of inventory is important as well (as is a trustworthy cleaner and that can get tricky if you have too much stock).

The buyer representation agreement states that the buyer commission amount offered by the seller (usually 2% to 3%) is credited/refunded to the buyer.

But somebody could use a credit card fund the immediate need and then pay it back with the policy loan fairly quickly.

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

The homeowner collects a NET/NET 5% yield with 1% increases each year in long-term lease by a BBB+ credit rated tenant (similar to Morgan Stanley credit).