If the applicant comes from the pool of people that I or my tenants know, I use real estate as a way to give back as many of my tenants will not qualify credit wise or may even have a criminal background or would struggle for another reason if I were to just stick to the "background/credit check" criteria. 

On the flip side, if you've got a bunch of Section 8 tenants living in a building that's in a neighborhood where a lot of the tenant base has good jobs, high credit scores, and are generally reliable people, you've got the most risky tenants in that tenant base and that ain't what ya want.

Quote from @Griffin Malcolm: Open an LLC and apply for a small business line of credit from Key Bank.

Rent Redi or many other apps can screen tenants including criminal, eviction, and income verification along with credit checks.

If you're using traditional financing on your primary residence, they're going to do another credit check on you just before closing.

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

Prepare financially by saving for down payments, improving your credit score, and setting aside emergency reserves.

Since I'm a new immigrant with no credit score, a DSCR with 30-35% down payment is my only option, so the 50K need to include that down payment alongside all other costs (closing, rehab, etc). 

For example, there are many local credit unions that offer loans with as little as 5% down on multiple investment properties with no PMI.

Did you finance this deal with a local bank or credit union?