So as a novice, you have no idea how to value the asset, and are trying to broker the loan to someone who has already seen it. 

I would hate to lose the lower rate loan and not be thrilled to give up the prop 13 savings.

So I had been looking at a DSCR loan on other properties but they wanted 1 year of income before they loan…My thought was perhaps I can lease back out to the current owners, then refinance to get my cash out.

You can access cash out equity lines, fixed seconds or conventional loans with reasonable terms to contribute to the downpayment.

With providing some rough numbers, my extended work experience with my company, and my credit to the lender, he informed me that I could potentially qualify for a $250k property with an FHA loan and a conventional down payment assistance loan which would put me with little to no money down out of pocket.

This company has one person depending on situation (marketing, maintenance, leasing etc).

I cannot recommend much about the areas in Dallas, but i can definitely offer my expertise as Mortgage Loan Officer, Investor and Short Term Rental host.Feel free to reach out :)

VA loan

I've already put down a significant deposit and now I'm considering leveraging a 100% loan for a second property, with a budget of up to $600k.

I have been offered an exclusive Deal by a local "friend"/ semi-mentor in my small town.  8 standard 2/1 apartments -  Quad, duplex, duplex, 1970 Dated buildings, little neglected but liveableOwner finance: 20yr 6%rate with 20k down------------------------------------------------Total purchase 400KCurrent NOI: 41k     Cap: 10         (Tax,Ins,Maint, Util)Gross rent 4500/mth-----------------------------------------------Upgrade, Est repairs: 60k After reno: NOI: 59K   Gross rent: 6100------------------------------------------------Loan pmt: 2865/mth,    34k/yrCurrent Cash flow: 531/mth,  6,378/yrAfter reno Cash Flow: 2131/mth,  25,578/Yr-------------------------------------------------Added info- -Property line Joins with (growing) Community college-Tiny town-The Buildings are Currently "uglyish".- Current Rent is 150$- $200 behind market avg.I am very comfortable in single family homes in this town (own 18 SFH rented and performing well).