You can manage expenses, track income, collect rent, and even create virtual accounts for each property – all for free.

i'm just making numbers up, but if your rent on a property is $1000 and your all-in cost is $1500, and you're negative $500 a month forever, that doesn't make sense, even if you can afford to cover the $500 with cash from another income source.i also agree with not using up all your cash, but that just means you might need to wait and save up more cash. 

Our instincts are to eventually rent it and use the income for payment assistance on a new home mortgage.

600+ credit score; income validation; we have potential tenants meet the existing tenants to make sure there is a good fit. 

With that being said we tend to see a lot of CA buyers relocate here for the lower cost of living including lower home values, property taxes, insurance, no state income tax, gas prices etc.

Instead of a 1 to 1 ratio, the required ratio can be 1 to 1.2 or 1 to 1.25.More on DSCR loans: DSCR loans won't use your income to underwrite the loan.

What's your income and how much money do you have in the bank would be the first thing I would consider.

Do the in-laws have any income currently?

They are exceedingly rare, thus very expensive, but I believe they represent an excellent long term steady income and store of value.  

It lets you focus on managing the property and getting steady income right away.