So @James McGovern your saying when is it good to deploy a discriminative procedure for applicant's? 

Would that be good for a STR? 

Is it a good idea to take out a Heloc to do the renovation, then refinance after hoping that the renovation added a decent amount of equity to the property?

It is easy to find your comps there for quality and pricing.Until an agreement is signed, communication is solely through FF.

It's already too late to try get either of these in Clay (for good deals at least).

Only buy good condition or brand new.

Never under estimate the power of good old fashioned fun in real estate.I have a couple questions/ideas for you. 

Haha Good luck! 

Your home, has to be in good condition & you will have to ensure that the tenant can vacate the home. 

One of the good things about DSCR Lenders is that the guidelines and programs are different and not cookie-cutter 100% equivalent like conventional lenders that all must mirror the GSEs, etc.Most DSCR Lenders will have similar rates and terms and generally similar processes - so generally what will make the "best" one is the best one for your needs - I would focus on any specialties or niches - like short term rentals, if you do multifamily or mixed use, BRRRR Method or focus in on a specific market - find someone who specializes and has a good track record in that niche or area