Further context, I have zero debt, high 700s credit score, one other investment property here locally. 175k in cash available, looking to do DSCR loans or cash and then refinance.Peoria, Illinois- Great need for lower income housing, market appears to have many options.Lawton, Oklahoma- Looking only at extremely cheap properties, as it seems it’s not terribly hard to find renters.

Then what happens is the lender reports your payment history to the credit bureaus and each time hereafter if you ask for another loan and the lender pulls your credit then they are going to see your payment history and whether you made your loan payments or not which will likely influence whether or not they lend you money. 

Most local banks and credit unions will have free accounts.You need two accounts: checking and savings. 

Set aside a big pile of cash or rely on a line of credit you won't be using.The oversimplified insurance concept is to pay a small premium to cover a large loss.

One suggestion to consider as I mainly do BRRRRs as well- find a local bank or credit union in the area you plan to buy that offers construction loans.

Risking your house on these kind of moves can become a literal house of cards as you scale.

Credit Score: 

Short term (12 months), low loan to value with borrowers who have strong credit and significant assets.

There is a processing fee if you choose the credit card option, but a direct ACH has no additional charges.

With regard to my parents, I want a good relationship with them so they can build my credit history.