I understand that there are many state legislatures where similar laws are advancing.

Thinking I want to buy wholesale or below value enough that some minor cosmetic upgrades and time might afford a refinance.Even still I understand the risks with this method. 

I know a guy out in Baltimore flipping and BRRR'ing in the lower income neighborhoods and making a killing, but he's got his system down solid.

If you have not run your own business beyond real estate before, I strongly recommend that you get in touch with SCORE (Service Corp of Retired Executives) at www.score.org.They are a free resource (part of SBA) that will help you to evaluate the financials of the company you're looking at buying, build a business plan and to understand what you're getting into. 

From what I understand, the unit must be “owner occupied”.

Helps me really understand.

I understand I have to live in my new house for 1 whole year but that might not be possible if I move.

I work with new investors quite often and help them with understanding the financing side of investing, and also put another pair of eyes on all of their deals to make sure they will be successful.

I understand the Cash-out Refinance, but just recently heard about DSCR Loans.

They pay you, then you pay the mortgage.If I understand correctly, you are selling the home for the remaining mortgage balance + $20,000?