The only method that really comes to mind is BRRRR, which I am not opposed to, but would prefer something a little simpler for a first time deal.Similarly, I'm making an assumption that it might be possible to use a combination of HELOC and DSCR loans on something a bit more turnkey for the initial purchase and then refi into conventional after a year or two rental income?

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"

My goal is to let rent fully cover my monthly loan payment and generates couple hundred positive cash flow every month.I am considering to buy a house around 200k with some mild renovation need to be done.

So I posted the other day asking if I could get around passive income on my rental properties so I could contribute to my retirement account.

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.  

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

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

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.

Fast forward two weeks, we've finally got notice from the foreclosing Trustee the lender is generating a new payoff for us.