I am now shopping to replace, but curious where I can learn more about the pros and cons regarding a policy like the one mentioned.  

Not to mention the opportunity cost for $47K?

As it was mentioned before, fixing the celling should be a few hundred dollars.

As others have mentioned, DSCR loans are generally for turnkey rentals (although outdated rentals may still qualify depending on the level of deferred maintenance). 

There are no restrictions preventing out-of-state investors from purchasing rental properties in Texas—these investors enjoy the same opportunities as Texas residents.Additionally, the financing restrictions you mentioned don’t align with reality.

As another poster mentioned rates are lower than they've been in the previous 18+ months but unless some very surprising economic data comes out between now and when you did your refi it seems unlikely that rates are going up in the short term and there is at least a decent chance that rates drop a little more before then. 

As others have mentioned, yes you can use section 8 rents with some DSCR lenders.

Also depends on what you mean by modest income and bad credit....Worst case like someone else mentioned, you could stay in this property and buy the next with a DSCR.

Not to mention significant fee's on each, because cost's are spread across such a small pool. 

There will not be one PM covering all the places you mention in your post, so maybe refine your search a little, and then you can start interviewing.