I know it's talked about all the time, but I recommend people leave their equity and focus on increasing income, cutting expenses, and saving for the next investment.

I will rent out this new house, covering my mortgage payments with the rental income and steadily building equity over the years.Let me know if you are interested in doing something like this in Southern California, I have my team (brokerage, lender, architect, GC) ready to go.                          

Show one to your tax preparer and ask them what else you need.Your PMC should give you an Annual Statement in January of next year showing ALL income they collected on your behalf with a 1098.This should be all, with anything you paid separately, your tax preparer should need.

Some more info on DSCR rates and how they're calculated:DSCR loans won't use your income to underwrite the loan.

But I'm pretty sure I can't find any houses for 20k around here If you want low income rentals stay as far away from NYC as possible.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

The goal has been to get to a passive income place where you stop paying interest have cash flow from the rent money coming in.

We hired contractors to construct the basement unit and turned 300 square feet of unusable space to a $1,000/month of rental income.

No income no doc 

Can't use bonus depreciation but could use accelerated depreciation and get most (not all) of my rental income tax free.