High rental demand (Section 8 too).

I know that this is a big risk property but I believe that it has the potential for high return if I can get all of this permitting and renovation work figured out on the front end.I'm just looking for any advice on how to cover myself on the front end prior to making an offer and how to expedite the work so that I can get renters in and start recouping on the investment as soon as possible.

As for the first investment, I highly recommend starting small, like with a turnkey property or even a 2-4 unit multi-family.

Investment Criteria:• “Core” strategy – High-quality properties with minimal renovations or maintenance issues• Stable tenants & cash flow – Long-term leases, steady occupancy• Commercial preference (?)

This is also why the amount of cash you need is 40% of the loan amount - the closing costs are disproportionately high compared to the loan amount because it's a small loan. 

There are plenty of older homes on the market that do not have closets.You need 2 egresses (including 1 that goes outside) such as a door or window, size about 70sqft (local codes may differ), ceilings at least 7ft high, and it cannot be a walk-through passage.As always, your local codes may be different.

Here’s why lease options are a game-changer:🔹 Low Risk, High Leverage – Instead of buying a property outright, you lease it with the option to purchase later.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

However, due to keep purchasing real estate, my DTI is high and close to 50%.

Highly recommend starting close to you so you can get eyes on the property if you do decide to purchase a true rental.