@Francisco Ruiz ensure that if you are obtaining financing, you ask/ensure with your lender that they do not have any issues with the fact that the property you are acquiring may appraise as "rural."

Not sure when you purchased the property, but keep in mind conventional loans require 12 months of seasoning before you can use the appraised value for a cash out refi.

Borrowers are not allowed to complete any of the work themselves as sweat equity.Loan to Value Calculations:The original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.Purchase: For a purchase money transaction, the LTV is determined by dividing the loan amount by the lesser of the “as completed” appraised value of the property or the sum of the purchase price of the property and the total rehabilitation costs.Refinance Transactions: For a refinance transaction, the LTV is determined by dividing the original loan amount by the “as completed” appraised value of the property.Eligible Renovation:There are no required improvements or restrictions on the types of repairs allowed.

All in on both properties is about $155K (cost + rehab) and rent is at $1,750/mth with an ARV appraisal at $210k. 

Then a Civil Engineer, an Appraiser to determine what having a four unit would be worth, then a loan using the evaluation.

@Jewell Arceneaux, you are selling an experience to both your lender, appraiser and tenant.  

Maybe you mean appraisal? 

Secondly, the appraisal often notes functional obsolescence because of this and a lack of a common area.

We bought at $212k, we put 20% DP used DSCR(~45k because it was appraised at $206k).

The answer is yes, 2nd lien DSCR loans exist and more than one lender can do them, but you would probably have to up your credit score to be able to get up to a total of 75% ltv between 1st and second lienOtherwise, you would have to get lucky on a favorable appraisal.