Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

Do you have an idea of the long-term rental amount, and would that be sufficient to meet the DSCR ratio needed to qualify for the loan?

I have not thought of using DTI instead of 3x the monthly rental amount in order to qualify an applicants income, but you made a great point regarding the priority that tenants might give a car payment.

They are very thorough in loan boarding, which can be a pain, but that is actually a good thing.

For example you own an investment property that does not qualify for institutional financing, and you’re paying 12% interest to a hard money lender.

The rules are more complicated than your one sentence, and even Tom did not have the time to explain all of them on his podcast. 500 hours is one way to qualify for material  participation, and there are other ways.

If you don’t have a large down payment saved up, don’t worry—there are plenty of options available . . .”A trusted lender will go over the various loan types with you, any down payment requirements on those, and down payment assistance programs you may qualify for.

I'm a 23 year old military member and will be a veteran within 2 1/2 years :) and I qualify for a VA LOAN.

Under Declarant Control, which is defined in the CC&R's, the developer is the HOA Board. 

This requires an independent appraisal valuing the property at $400k and proper documentation from the seller confirming the $200k donation.Ensure the church is a qualified 501(c)(3) entity, and consult your tax professional to comply with IRS rules.