The only method that really comes to mind is BRRRR, which I am not opposed to, but would prefer something a little simpler for a first time deal.Similarly, I'm making an assumption that it might be possible to use a combination of HELOC and DSCR loans on something a bit more turnkey for the initial purchase and then refi into conventional after a year or two rental income?

This means that they are going to look at the ratio of the Net Operating Income (NOI, or income - expenses) divided by the monthly debt service (your monthly payment).

Given that you have no income, and it's likely you may not meet the material participation threshold for 2023, the loss would then be kept on form 8582 to be used to offset future years of income from the property in the form of a "carryover loss"

The benefit on DSCR is that it will ignore your personal debt to income ratio for qualification, but you don't get the low down payment options of owner-occupied conventional or FHA.  

I have a stable long term job in manufacturing grossing approx 250k a year.

Rental Income Powerhouse: Can the property bring in enough rent to cover your costs and leave you with a healthy profit?

want to get to a point that I am living off unearned income and not earned income. 

Right now we require two incomes in order to afford the mortgage and looking to downgrade/rent for a while and be a single income household so wouldnt be able to pay the mortgage for the house unless its being consistently rented on FF.

Take that number and subtract your mortgage and that will give you gross revenue.

I have read several threads on this, but I am a newbie and still a bit confused.We are married filing jointly with an income close to 150k last year.