Once you complete the property, you could then do a DSCR to pay off the initial fix-and-flip as then you will have the rental income to show for it.

Quote from @Linda Roberts: I won't even allow a cosigner from another state.First, you are putting yourself in a tough situation with three or more unrelated tenants, but that's a discussion for another day.Second, I won't allow a renter without income unless they pay their first three months in advance.There are too many variables for me to make a decision.

When I calculate an offer on a property, I typically look at the potential rental income and subtract from that all operating expenses such as taxes, insurance, management and maintenance.

You can’t buy much with $50k, at least not the asset class you’ll want with your future income potential.

There are different “classes” that have different incomes, emograohics, characteristics, etc.

they screen the tenant for income eligibility and require a physical inspection of the property before tenant moves in and on a yearly basis for renewals. 

We mass analyze the entire market here simultaneously and there are dozens of properties that would produce that type of income for less than $700K. 

Operational Efficiency: What are the most effective operational practices you've implemented that have streamlined operations and reduced overhead costs?

I have no savings, and our debt to income isn't great right now, but we are making progress.

I think once you do it full time as your primary source of income, then it probably would be advisable to upgrade and get some software.