House hacking is good, but 1 sides rent should almost take care of all expenses.

My husband and I want to buy our first house hack in an expensive area, Salt Lake.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

They are asking 950K.Gross rents: 100,800Utilities: 3KInsurance: 7KProperty taxes are roughly 10K for each 450K in value.Repair/Maintenance: Don't have figures yet but I'm assuming it'll average out around 10K a year.The lender I am speaking with also requires me to also include an 8% vacancy rate and a 5% management fee whether I have those or not.With an interest rate of 8.15% and 20 year amortization, I can't get close to a 1.2 DSCR until my amount borrowed is down to about 450K. 

I require a social security number to run a credit/criminal background on every adult.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

- at 50% rule (which I suspect your expenses will exceed 50% of rent as property tax increase by itself is likely to be ~20%) and a rent of $1700 it will take a lot more than 10 years to recover.

This may feel expensive right now but in the long run you will be glad you did.

S8 Challenges:1) Voucher holders not having funds for application fees or security deposits2) Tenants trashing properties, killing ROI3) Tenants not paying their portion of rent or utilities4) Tenants not cooperating with ongoing S8 requirements or inspectionsAlso, you stated in your initial post that you'd be buying turnkey rentals.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?