So the real question is whether you have other income & reserves to invest locally.

have your information handy - income, debts, etc. just tell them you're not ready to have your credit pulled but you'd like to know what you might qualify for.

How long does it take to generate cash flow, and how would the cash flow compare to  “traditional” real estate investing? 

The tenant is telling the PM that HUD was approving based on old income and they are going to have it readjusted.

Pay Attention To Your Credit Score Although we don’t have any income requirements, we do want to know that you are on solid financial footing.

I always run my STRs with LTR rents also, as my back up plan if cities change permits or cause me to switch to LTR Thank you for your response,There are some areas that still have new homes for low $300s I figure with a good down payment I can get a bit of cash flow, I know I won’t get rich overnight but when rates go down I can refinance and hopefully in the future I will be in the position to buy some distressed properties and repair them, maximizing future income. 

I have looked into the DSCR loans but you would still need to come in with a large portion of the down payment correct (the remainder of what is under the 75% loan to rental income )correct?

I'd honestly work on increase your income and saving more, try to get to 40K then go the hard money route.

You can only wipe out your 2023 rental income down to zero but not go below zero.

This way, a lender won't be looking or asking any income questions, it would just come down to what income the property would bring in.