I am considering selling the place, but not sure if I should given that I have a 142K loan in place with pre-payment penalty, or if I should just see this eviction through and just try my hand at getting another tenant in there vs possible lease optioning the home out. 

Sound like a good idea or would you guys recommend doing a home equity loan and leaving the rate and payments

Some loan options are:If you're looking to buy a property that's not move-in ready: You can get a fix and flip loan for an investment property with up to 90% of the purchase price and 100% of the rehab budget with up to 75% of the ARV.

I would also be using the VA Loan. 

One way we do that is by pulling your credit report (but only after you’ve filled out our full loan application and agreed to our conditional terms).

@JoJo Diego What he means is after he purchases the house and makes renovations using his own money (no bank loan),  after he is done with renovations he'll go to a bank and apply for a loan (refinance). 

15yr Fixed equity loan base rate could be as low as 10.25% at 100% loan to value, with a base APR as low as 10.25%.

If you are just getting out of high school, I don't know that a large DSCR loan seems like a good idea or possible, but maybe easier if you haven't built a ton of credit yet.

I suggest you use around 10K to 15K to get a hard money loan set up at 100 percent funding (no money down) to renovate a property and then rent it out- but do not target making just enough to pay the mortgage.

My spouse sees the cash flow coming in but is also worried about the risks that come with it such as having a loan for a property rather than having it all cash/paid off.