(the same loan you likely used to buy the now rental and your current primary) There is no reason no to use a conventional loan if you qualify because the rate AND terms will be better with a conventional loan then a DSCR. 

Is there any other loans that I should apply for?

And then payoff the home equity loan about less than $60,000 within 2-3 years.Thx.

We would be looking to use a conventional loan.

Unless I am doing something wrong.Lets say there is no loan and just one investor for arguments sake.the property is $1mil   from what I have seen average NOI for a $1mil property is about 50k a year.6% of 1 million is $60Kso clearly I am misunderstanding something or just being completely stupid.Could someone explain this to me?

You can use a DCSR loan alternatively, or as I love to do; buy homes using seller financing.

Can I use a DSCR loan for these homes?

Anybody on the LLC or the operating agreement can qualify For the loan. 

Are there very loans I would have to use?

Hi @Somesh MukherjeeFellow lender here - Not sure where you are in the process but as Matthew said - location is top priority, not just in terms of the tenant pool but depending on the loan program you're seeking (say DSCR), the comps in the area can also impact your appraisal and what rate and term you'll qualify for.