I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

Do you plan to further develop the agent side and turn that into a full time thing?

I've already renovated one of the bathrooms, and I’m planning to paint the interior, update the kitchen cabinets, possibly sand the wood floors, build a fence is a corner lot and increase the rent for the room since my tenant is currently renting the entire 3-bedroom, 2-bathroom house for $800 a month.

Or like your plan use it all as a down payment on a much larger property.  4.

To echo the rest of the group, if you're planning on holding the property, a DSCR is likely your best bet, assuming your investment property is in a rental area that supports the debt service. 

Starting small close to home is a great plan.

Yet investors expect a PMC to do all this extra followup for free because they think the program is "gold".We've always accepted S8 tenants and have no plans to stop.It's a decent program if the investor understands the limitations and challenges.Otherwise, it's "fool's gold".

What do you plan to do with your license?

Please come down and see me and let talk about real estate.My plan now is looking for buy and hold and flips.If your 100% motivated for REI just like i am, come down and meet me.

Quote from @John Williams: I recently bought a home that has an attached dwelling unit where Im planning to move in and rent out the main unit.