This means that they are going to look at the ratio of the Net Operating Income (NOI, or income - expenses) divided by the monthly debt service (your monthly payment).

Given that you have no income, and it's likely you may not meet the material participation threshold for 2023, the loss would then be kept on form 8582 to be used to offset future years of income from the property in the form of a "carryover loss"

That judgement did eventually get reduced by a judge, but ignoring a safety complaint is a great way to go from negligence to gross negligence.

want to get to a point that I am living off unearned income and not earned income. 

The harsh reality is that deficit spending to meet interest obligations will accelerate, further reducing the purchasing power of existing USD in circulation and USD savings. 

Rental Income Powerhouse: Can the property bring in enough rent to cover your costs and leave you with a healthy profit?

Right now we require two incomes in order to afford the mortgage and looking to downgrade/rent for a while and be a single income household so wouldnt be able to pay the mortgage for the house unless its being consistently rented on FF.

The benefit on DSCR is that it will ignore your personal debt to income ratio for qualification, but you don't get the low down payment options of owner-occupied conventional or FHA.  

[Should i target a low priced property to reduce the amount i need to borrow?]

You can structure it without a PPP or a reduced PPP but it will result in a higher rate or higher fees.