Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.

If DTI will be the only issue for the rental purchase, a DSCR loan would likely be a good option.

In today’s competitive real estate market, where inventory is tight and opportunities seem few and far between, many potential buyers are overlooking a game-changing option: renovation loans like the 203(k) and HomeStyle.

Have you leveraged lines of credit, private lenders, portfolio loans, or other creative financing options?

Quote from @Devin James: Quote from @Scott Mac: Maybe the infrastructure, electrical grid, water sewer, pavement thickness on the roads, cannot handle the extra people in the area.

Consider house hacking by purchasing a multi-family property with an FHA loan, or explore creative financing options like seller financing or partnering with private lenders.

@Lexi Blocksom If the burden of holding the property outweighs the long-term gains, a 1031 exchange allows you to defer all taxes, and you won’t have to recapture depreciation.This option enables you to use the deferred tax benefits to purchase nicer properties in areas with greater growth potential.Once you complete your exchange, you can immediately do a cash-out refinance if you need access to some cash, tax-free.

Not sure if that is the case for you or if you are worried about burnout but if not, I would continue making extra as a nurse which will help with getting you approved based on income for future homes. 

it allows you to own an investment property that you purchase with financing options only available to owner occupants.

Do a side letter with Phase 1 investors to give them an extra X% pref and/or split.5.