What other option would be suggested rather than DSCR? 

I think you are correct in your thinking - a lot of lenders right now are pricing 30-year fixed rate and 5-year ARMs essentially the same, with only the slightest benefit to the ARM option - generally because there is a very low probability priced in that rates will be higher in 5 years. 

@Paul PompeoInvesting out of state can be a good option if your local market isn't a good fit.

Furthermore, understanding the resident characteristics allows me to measure the target market and modify my investment strategy accordingly.Inspection ChecklistSituations vary from one property to the next, but here is an on-site inspection checklist to get you started:Interior Units:Inspect vacant units, including one of each finish out type (Classic, Reno, etc.).Check all down units.Inspect one unit from each unit mix.Exteriors:Landscape:Look for overgrown bushes.Identify trees that need trimming (no branches hanging over the roof).Take pictures of the following:Curb appeal on all sides facing the street.Landscape around the office and amenities.Overgrown bushes or trees.Any dead landscape.Areas that may need sod or mulch.Assess drainage:Ensure water flows away from building foundations.Check slope, gutters, downspouts, surface drains, French drains, etc.Exterior Walls:Determine the existing material (wood, vinyl, Hardie, brick, stone).Assess the condition of the walls.Note if painting is required.Take pictures of each building, including building number, each elevation (clockwise), and any breezeways or niches.Windows:Evaluate the condition of existing windows.Consider whether solar screens should be installed.Roof:Identify the type of roof.Assess its condition and age.Parking Lot:Check for potholes.Assess the need for restriping.Note whether the parking lot is concrete or asphalt.Evaluate drainage issues.Walkway:Look for tripping hazards.Assess drainage issues.Foundation/Gutters:Inspect for cracks in the brick.Check for separation in corners from fascia and trim boards.Evaluate drainage and identify poor drainage areas.Amenities:Identify possible improvements.Consider adjustments or additions that can enhance amenities.Talk to the Staff:Maintenance: Inquire about the physical condition.Office: Discuss current residents, delinquency, and potential changes to add value.Assess whether rents are too high or too low.Confirm rents and what is included/not included.Confirm other sources of income and associated charges.Confirm occupancy, pre-release, and vacancy numbers.Note: Maintain professionalism and avoid insulting the owner or broker, regardless of the property's condition.Keep in mind that investing in real estate is like solving a puzzle—you need all the pieces to see the big picture.

You have a few options for cash-out refinance and from the information you provided it should work.

He noted this is likely the best long term option as I should have no other issues moving forward.I am confused and a little shocked as the inspection report from two years ago came back as structurally sound.

Of course, with the key entry option so if the lock fails, there is a lockbox with a key to access the home.

Would love to connect and discuss some options

In many places, giving proper notice that you're not renewing the lease is perfectly acceptable, but specifics vary by location.Another option to consider is "cash for keys," where you offer the tenant a financial incentive to leave early.

So are least options still a thing in Texas?