You could get into a solid multi-unit or a single-family rental with real cash flow instead of hoping your Katy rental eventually fills.Not saying you should walk just yet, but if leasing drags out longer than expected, would you consider selling and reinvesting somewhere with better returns?

As others have mentioned, DSCR loans are generally for turnkey rentals (although outdated rentals may still qualify depending on the level of deferred maintenance). 

You can also do value add STR & Multi-Family Rentals by starting with distressed properties and using a bridge loan to acquire them with a lower down payment compared to a DSCR loan.Networking – Connect with local investors, wholesalers, and realtors in your target markets.

Getting a rental license as an out-of-state investor is doable, but you’ll need to manage inspections and compliance.

In Denver metro area, for instance, the city of Denver only allows short-term rentals in a primary residence.

We manage several hundred rental properties throughout the San Diego market and I found your post very interesting. 

Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs). 

The rental income from the first home will pay for the mortgage/monthly costs.  

Quote from @Matthew Espana: Hi, I am interested in connecting with anyone who has midterm rentals in the Bakersfield area.

Quote from @Sean Regan: Getting ready to list my first rental property after an extensive reno.