House hacking is often promoted as the easiest way to get into real estate—buy a property, rent out part of it, and let tenants cover your mortgage.

Omitting this information may be mortgage fraud.

Generally though, you can deduct interest on the mortgage up to a certain point.

For your mortgage, a 30-year loan will give you lower monthly payments, which could be ideal while starting out.

Many DSCR programs require an investor to have a mortgage history- there are some DSCR mortgage programs that will work with investors who are renting- some refer to them as first time home buyers (FTHBs)- DSCR loans are only for investment properties where the owner isn't living there. 

My tenants will cover the mortgage plus $300.

I’d rather not give up my current first mortgage rate to get cash out to renovate. 

Mortgage- PITI2.

By the time I reach 20% equity (likely 3+ years away), my monthly mortgage payment will come down when I refinance, but $600 is a big hit to the numbers. 

If the property is considered non-warrantable, you should still be able to do a standalone 2nd mortgage at 75-80% CLTV on an owner occupied nonqm 2nd mortgage.