This is generally correct, DSCR loans do not look at all at your personal income.  

For instance I did it on one of my one bed room apartments because this particular apartment had a formal dining room.what’s a single person or couple going to need a formal dining room for?  

One-person rental units are in the highest demand, and co-living directly appeals to this market.

Lessons learned?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

You could also sell the lead to another company/person.

Do you have any recommendations for learning how wholesale contracts work and learning more about the wholesaling process?  

Yes Utah is white collar crime, scam, fraud of the US I have learned.

They mentioned that the family member began debt consolidation 20 months ago, the way debt consolidation works the company lets it go into collections I am concerned that if the person files for bankruptcy.Even just one of 3 family member file a bankruptcy 7, can they stay 3 to 5 months without paying rent?

That's disappointing, I'm here to learn and would happily pay for it if I used it extensively.