Many community banks will give you credit for proforma rents.  

Other than paying for an appraisal or BPO (and maybe a credit report), you should not pay a lender anything until your loan funds.

I have 880 credit score, decent savings, and no other debt except for 300K mortgage on my primary residence (worth $1.5 million).

Credit Score: 

Do you have a good credit score?  

It's very important to perform your due diligence on the operators, the markets their operate it, ask for their past transactions, history of their track record.

Credit?

You have to put 5% down vs 3.5% down, rates are usually higher, but if you have strong credit, your PMI cost can be cheaper than that of FHA loans. 

I can buy a 2-4 unit with 20% down vs conventional can only buy a 2-4 INVESTMENT property with 25% down 4. there are options where DSCR loans dont repot to personal credit, helps in not having to show a bunch of paperwork or not one person in a partnership has to carry the debt5. way less paperwork to close on this loan type vs a conventional loan. we care about the income of the property you're buying and it's ability to service the debt of the property whether we use long term rents income, lease income, or air dna/bnb income.6. easily buy in partnerships, add people to your operating agreement, its as easy as that so bring partners into a deal. helps with scaling and raising capital or getting partners involved7. gift funds allowed to close on these as well, and like I said earlier, there's only a 10day seasoning period of funds with some lenders so that means you can literally have a private money lender deposit money into your account 11 days before closing, and you can use those funds to close!

Thank you in advance for helping me navigate this decision.I have a long history of fix and flips in several states and the first thing I want to point out is that you make your money in the "buy".