What I don't have experience with is the risk of bed bugs from an incoming tenant that states their unit is currently being treated for?

If you are buying it as an investment property, you are buying it at a much higher rate than a traditional owner-occupied loan so you must be in a primary residence now and are just planning a just-in-case scenario.At first, I thought this was a no-brainer answer as if you can do whatever you want, but those investment loans are banking on the income projected as part of the collateral for the loan so it's a good question.A seasoned lender or someone who has had to move back into one of their properties will get you the best answer.

I inadvertently restricted who could reply....so that not even I could reply to my own post.)Debt to Income ratio limits exist for a reason: you are over leveraged.

They are also self employed but showed low income (technically does not meet our monthly income requirements). 

This deal is based off a real tax deed auction property in FL:1912 Sq ft 3/2 SFH in Bay County- ARV: $415,101- Estimated Monthly Rent $2,984- based off 6 comps within a 1 Mi radius.- Adjusted Purchase Price/ Max Bid: $210,840.80- I start with the 1% rule (thus why I start the analysis by looking at rent) and then adjust the price based on the potential pay-out from a cash-out refi and equity position on the property- more on this in a second. - Potential Investor payout (15%): $242,466 - Rehab total: $76,480.00- I just used $40/ sqft for an estimate.

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I found this one surfing around https://jerrybarker.com/calcul... but we usually just average the income out then use https://propertytracker.com which isn't designed for STRs but works fine after averaging the projected income outside of the app.  

Even if it's a nice home, without being able to produce the income your expecting, it's likely going to be a losing investment. 

The more efficient solution might be to purchase from Grandma with the 25% down..you ca use the income to help qualify and obtain gift funds or other sources for the down payment.

If you have reserves, can you invest the money that provides a better NET return (after tax) than putting it into the down payment3.