Even with a ~100k mortgage my DTI would be less than 35% while still renting. 

It also means that you won't be on the hook during that rehab, so you're not paying a mortgage without the possibility of any cashflow.

Similar to how paying half your mortgage twice a month (semi-monthly) means you make 13 mortgage payments over the course of a year.  

I should clarify that I the ARV is provably 105-110 conservatively and the mortgage (if you shop around) could be 80LTV, so your mortgage would be 88K.

Sometimes HELOC is the better option, but qualification can be a deciding factor.I'm a mortgage agent, my client list is about 50% investor focused.

You'd need 3.5% down (you can borrow it from your TSP or 401K or gifted) and 3 or 4 months PITI in reserve (again TSP or 401K) & your payment will be higher due to mortgage insurance, but you don't need any property management experience at all.  

So it'd be like having two mortgages?

I'd like to buy a small home in LA where I can stay when I'm there but rent through Airbnb when I'm not to subsidize the mortgage.  

I like the Zillow mortgage calculator.  

Just imagine the law suitsI just remembered the one that DID happen for us today was just someone paying us off on a mortgage we were holding.