DCSR Loan

You might want to explore DSCR loans, which allow you to qualify based on the property’s cash flow rather than personal income.

So we would have to get a loan, pay off the seller and transfer title and then wait the seasoning period before doing a refi unless there is a bank out there that will treat it as a refi off the bat

You can buy a rental house, put $60,000 down and you will have to get a non-recourse loan for the rest of the mortgage.

Somewhere in the middle is likely your best bet for a 20 year timeline.I have almost 50 units here myself and that's about what my portfolio is cash flowing at this point combined LTV is around 65% as loans have gotten paid down and values have went up.

You have a bigger loan, but not a bigger tax basis.

Are you familiar with Creative Financing such as Subject To (SubTo), SubTail, WRAPS, Short Term Lending, and Bridge loans? 

And could even get a second home loan if doing traditional financing.

Just because you get a loan approval does not always mean you should move forward with it.

If you're using a DSCR loan to purchase the home, most lenders use the lower of the lease agreement or 100% of the market rent from the appraisal form 1007 to determine the DSCR.