if your immediate area is too expensive, i'd pick a couple markets between 1 and 3 hours away, learn them, go to meetups, look at properties, get connected, research strategies, walk them, narrow down to 1, repeat, etc.and if that sounds like it's too time consuming or something you're not interested in... no worries. 

However, I'd like to see some income showing that they can pay for utilities, and regular living expenses. 

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.

A divorce after years of marriage with kids, is an expensive and emotional experience. 

Do not say or do anything that they don't tell you otherwise you risk ending up in an even more messy and likely expensive scenario than you are today. 

Once all beds are available could rent low end 6k a month (before expense) Might be able to do 850$.

But I'm also of afraid of missing out on a good opportunity to get a townhome in a expensive popular area at the price point and interest rate I find to be favorable. 

What Bruce says about new homes is accurate.New communities CCRs needs to be reviewed so you are not stack in a property that can't be rented out.ROI will be very los what I see in new communities is 10yrs in average, it will all depend on the time in the market.Another thing with new communities in those growing cities is that they are not investors friendly for LTR as the rent price tends to be lower than in other market.However there are plenty of opportunities in North Dallas, many other cities with growing population are great to invest.

How much are the expenses and is $1800 fair market rent? 

., and want to expand (meaning the new (in the future) investment returns more than 7.35 percent), consider paying down your most expensive mortgage now, and arranging a portfolio second mortgage (or even first) on all of your current properties to tap the equity in them for your next acquisition.