The deal wouldn't have worked if I had not owned the land.Also, before you find a plot of land to purchase, I'd check the zoning to understand what you can build, NOT after purchasing. 

Hey Nicholas,My wife is a licensed real estate agent and my MIL has owned and managed real estate companies for most of her career.

I just share the below for you to make your own decision.  

You wont be able to use the potential boarder income to qualify unless part of the property is an ADU, so you'll need to be able to qualify on your own income. 

With DSCR loans, the focus is on the property’s cash flow, ensuring that your investment will cover its own expenses and provide a profit.

welcome to bp, your sentiment around leverage is 100% correct, and I'd challenge you to follow your own advice and use that leverage to put as little as possible into the real estate rather than the coveted "pay cash for it" or while one can pay cash, utilizing your w2 to refinance is a unique skill and ability you can have.house hacking in the mid west is where its at for sure.

We own a single-family rental property with a spacious yard and an external garage that needs to be demolished.

Having come into the real estate business during a challenging period in our own lives, we understood hardship firsthand.

Quote from @Jennifer Fernéz: The best method is to make an offer and require the seller to remove the tenant so you don't have to deal with it after closing.If they won't do it, then you'll have to do it after you own the property.

I now currently own 6 Vacation rentals across 3 states, 1 long term rental, and manage other Vacation Rentals through my business, Lubbock Complete Bnb.