I have already been fully qualified for both the line of credit and DSCR.

This will help you understand the qualifying requirements, key factors to consider when purchasing, and how to assess whether a property might be a good investment at first glance.

Advertising alone won't qualify unfortunately. 

Here are some examples of the recovery periods from the IRS 996 Publication:5-year Property: Automobiles, qualified technological equipment, office equipment (copiers, calculators, etc.), appliances, carpet, and furniture used for residential real estate.7-year Property: Office furniture and fixtures (desks, filing cabinets, safes)15-year Property: Certain improvements made directly to land or added to it (such as shrubbery, fences, roads, sidewalks, and bridges)There are multiple approaches to cost segregation studies including the Detailed Cost Approach, Detailed Cost Estimate Approach, Survey Approach, Residual Estimation Approach and Sampling Approach.If you feel like you or your business could benefit from a cost segregation study, first speak with your accountant to see if the tax savings outweigh the potential costs.

While you both are working a W2 job, it can be extremely difficult to qualify for REPS.

.- There’s no requirement to go through a qualified intermediary, as with a 1031 exchange.3. 1031 Exchange: A 1031 exchange is also an option but is generally less favorable than a 1033 in involuntary situations.

Personally, I believe it's preferable to have stricter requirements and wait for a qualified tenant.

Have you had tenants who seemed qualified on paper but turned out to be financially unreliable?

After a year or so, you could then qualify for another FHA or conventional loan on your next property while keeping the first one as a long-term investment.If you are thinking about using the BRRRR method for your first deal, I would be cautious about taking on a property that needs too much work or has a lot of deferred maintenance.

There are no pre payment  penalties on a conventional loan and when looking at the total finance charges, conventional is the way to go if you can qualify.