HI Mary,There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

No matter what you do I think you really want to consider renting it out for at least a year to convert the ($130k minus $13k in closing costs, minus $80 cost basis = ) $37k in profit from regular income down to long term capital gains.

A good rule of thumb I like to tell clients is that if your activities are integral and income producing, where as if you were not to do the activitiy it would result in the property's financial health being worse off, it should count in general. 

Eventually you want to have enough passive income to quit the hustle of being an agent. 

When you submit your income and expenses to your CPA it should be documented that you did not receive 5 months of rent plus your attorney fees which you should have receipts for. 

(Obviously this question is for if your monthly incoming from other properties and/or W2 don't cover it).

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DSCR is a no-income verification loan.

@Erwin McClain many investors want to do this for the extra income, but PMCs do NOT want to do it because those same investors won't pay enough to make it worth all the extra challenges.

Although a DSCR is lenient on your personal income, they will still require a relatively clean appraisal.