Focusing just on appreciation causes people to take on negative cashflow situations, gambling that the market will eventually save them before they run out of cash.

Don't gamble. 

Its a gamble to go the permit route or not in Philly and absolutely matters the neighborhood/your neighbors as they are usually the folks that will call L&I on you OR if your property is near other construction sites where inspectors would be traveling to/from. 

At the same time, if it is 5+ units the underwriting guidelines will be different than 1-4 units will be, so answers will vary.

@Cory Gamble do you have their contact number

Thats not a wise gamble in most cases if there is a market change for any unknown range of factors.

Since you're house hacking in Las Vegas, this should align with FHA guidelines as long as you continue to occupy one unit as your primary residence.3.

Are you willing to gamble your life and those of your family on, "being accountable for your rentals", "being a good landlord", or "maintaining your properties correctly and being decent to your tenants"?

Mid term rentals are some what of the odd man out when it comes to DSCR guidelines.There are guidelines which utilize short term rents, and guidelines that utilize long term rents.You can use the projected income on a short term basis to qualify for the loan if the number work right.

There are several STRs in the area, so I suspect that the county guidelines apply only in this part of Morrison; I am in unincorporated Jefferson County.