@Levi T.

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.

The situation you are ultimately trying to avoid is the one where: the borrower defaults, you start foreclosure, the borrower fights the foreclosure and says they didn't understand the loan / could never afford to pay it / you didn't follow the consumer rules, etc, then the judge asks if you followed those rules and you can't show that.... 

Strengthen Your ProposalDevelop a Business Plan: Include:Vision: Your goal of creating a micro-home community.Market Research: Show demand for affordable or small-footprint living in your area.Financial Projections: Break down costs, ARV, and anticipated ROI.Experience: Highlight your previous fix-and-flip and demonstrate your learning curve.Present a Solid Development Plan:What is the size and scope of the project?

Home prices in OKC remain affordable compared to national averages, allowing investors to acquire properties with strong cash flow potential.

While it’s an affordable entry point with low maintenance, you need to watch out for high HOA fees, rental restrictions, and resale challenges.

Structure depends on what payment the buyer and the property can afford. 

Here’s a breakdown of some top areas:Cash Flow-Friendly NeighborhoodsWest Charlotte: Known for affordability and strong rental yields, West Charlotte offers opportunities in single-family and small multi-family properties.Gastonia: Just outside of Charlotte, Gastonia is a great spot for investors seeking cash flow.

That said, if you can afford it and have the reserves, and more importantly think you have a decent chance of increasing revenue with the vacant units then I'd probably go for it.

Keep your W-2 job, save, and you’ll be able to afford your next down payment.