That is for, if necessary for us to sell our existing home and move to the number one produced, which will be the first "model home".

We are planning to rent the home.

I want to make sure everything that I do is above board and legal.My wife and I just bought a small fixer upper with cash that’s a minute down the road from our home.

Any additional tips or corrections would be greatly appreciated.Example:If the PM sends an owner statement showing:Gross Rent Collected: $3,000Property Management Fee: $300Miscellaneous Expenses: $200Net Rent (Amount Deposited): $2,500In QBO, I would:Record an income entry of $2,500 for net rent.Separately, record any additional expenses paid directly, such as:Mortgage: $1,200Insurance: $100Property Taxes: $150Summary:Property Accounting: Handled by the PM company and detailed in the monthly owner statements.Corporate Accounting: Recorded in QBO, focusing on net rent income (after PM deductions) and any additional expenses incurred.Please let me know if this approach is correct and if you have any suggestions or adjustments to ensure compliance and accuracy in my accounting processes.Thanks for your guidance!

So what's the penalty IF someone gets a DSCR loan and ends up occupying that home at some point? 

This allows you to put down less upfront, freeing up cash flow to improve the property.

@Khayla WilliamsI strongly recommend against borrowing 100% for a propertyThere is significant risk in owning real estate including section 8 and maintaining the home in a certain condition and if you do t have the funds for those repairs you could lose it all.I always recommend people budget and save enough for a down payment and reserves before getting into their first property.

I’d also appreciate any general advice or tips anyone has to offer. 

I have a background in design and come from a long line of handy people as my Grandfather and Father have both done their share of renovations and home construction.

Using my VA home loan and renting out the other bedrooms I figured that would be the safest way to get started.