For almost any kind of permanent rental/investment property financing (whether Conventional, DSCR, or local bank), you are going to need a decent credit score to qualify.

This means the main home would need to have decent furniture and appliances available, at minimum in the common areas but likely some bedrooms as well. 

@Mohammed Rahman Queens and Brooklyn would be the absolute best because I work on the upper east side of Manhattan but I haven't seen any properties there that are affordable and in decent neighborhoods!

If you put in an offer at 85% of list price on every decent home on mls in your targeted area, you're going to get a house or two that should only need cosmetic rehab - which you could control the costs better.  

This could be a decent investment.

I’ve seen folks panic and act like they’re about to be stuck holding a ticking time bomb, but if you structure the contract properly, give yourself a decent inspection or feasibility period, and understand local investor demand, you’ll rarely end up empty-handed.

Here’s some perspective:1% Rule: Meeting the 1% rule is a good sign, especially with many markets struggling to hit this benchmark.Cash-on-Cash (COC) Return: 8.73% is decent, especially with today’s higher interest rates.

One major lesson learned is that commercial financing is no where close to residential financing and that you need to give yourself a decent amount of time to line things up.

In addition, real estate is already tax advantaged, so you’re losing the tax advantages of owning real estate.Personally, I think real estate notes are better suited for self directed IRAs personally because you can get decent returns and notes not held in IRA is not tax advantaged. 

@Kyle Carter we manage around 700 doors, with 92 of them being S8.When S8 applicants are properly screened, they can statistically perform a decent amount better than cash-tenants.