Additionally, house hacking is usually the cheapest way to get into real estate investing due to accessibility to conventional mortgages with lower down payments and interest charges. 

Depending on how much it is, you can pay them the difference at closing or via contract..The 'cleanest' solution is likely a new conventional purchase mortgage.

@Liam Talukdar, Inventory is a snapshot in time repeated almost daily isn't it?  

Milwaukee with average home price of $200k, negative growth of new home supply and inventory of 1 month supply just means ----> going up and up.

We would be putting 20-25% down and using conventional 30-year financing.

I am close to the owner so I can discuss options.These are details and some rough numbers: - Location: Vienna , VA - No mortgage on house (free and clear)- Purchased year: Around 1980- Purchased price: around $50,000- Type: 3 bed - 2 1/2 bath single family- Market price: $920K (not appraised yet but numbers from Zillow)- Market rent : $3,400/mo (from BP Rent estimator)- Insurance $2,000 /yr- Taxes $9,300 /yr- Management $3,260/yr (I do not want to manage )- Repairs: TBDThe numbers do not work with conventional financing (20% down, 7% interest, 30 yr) so I want to think of creative financing ways.

Conventional loan How did you add value to the deal?

Investment/conventional Mortgage with a cash down payment How did you add value to the deal?

Lots of lenders in the STR space will disguise themselves as a low doc or DSCR loan when it really is more of a pseudo-conventional loan or a DSCR/Conventional hybrid, and as a result they will ask you for the necessary documents from a DSCR/low doc loan plus documents that would be necessary for a conventional loan (personal income, mortgage payment history from all owned RE, etc.)

Hi guys, I am self employed with no proof of W2s, i make a living buying cars at dealer auctions and leaving them on a local used car lot on consignment, I have $30k liquid and around $90k tied up in my current vehicles, usually my  vehicle inventory is sub 11, I want to get into the real estate game but in my situation im guessing its hard to get a good deal in getting a loan, I am single, no debt or responsibilities , ideally i would like to start with a single family home but in the current market so high i would even consider condos/town homes.