I like the plans for Belize and other expansion sites, which is what I'm a part of.

Not bad... weekend vacation money.But here are some of the things that can disrupt that. 

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".

It will only continue to be an awesome vacation spot just like Cancun has been.