I converted it from Google Sheets and I can see a few formatting issues so sorry in advance.The columns with the red header are scenario 1, and the green header are for scenario 2.https://www.dropbox.com/s/gzvdujsmx9b5si9/Mortgage...I hope this finally puts the matter to rest.

I second what Jonathan Greene is saying here—turnkey is probably best bet given your constraints.

Quote from @Jamal Moore: Quote from @Jonathan Greene: No.

Quote from @Jonathan Greene: I like number 1 just based on what I read, especially if you can get a new primary and shave off a downpayment for an investment property.

I like this @Jonathan Greene. 

@Jonathan Greene we've been promoting this tactic for over 15 years:)

Jaycee Greene it's a $376k loan with $3200/month.

Quote from @Jaycee Greene: I grew up near the 63031 zip code and know the area welll.

Quote from @Jonathan Greene: Think of it this way.

Quote from @Jonathan Greene: You don't have a great case for a tax appeal here because it looks like it was upped based on the renovation and improvements done prior to you buying it.