I have been self employed for more than two years. 750+ credit but income is low right now.

I happened to call at the right time and he sold me this property at a fair price AND allowed me to place a tenant in the property prior to closing.

Go ahead, complicate your life, right off the bat!

Everything is overvalued right now though the market is softening.

Politicians will continue to pander to tenants and assault landlord rights until landlords organize and spend money to push landlord agendas.

All I need to know right now is if I can use a personal account and if I can allow the tenant to get the money into that account in any way they'd like.Thank you for your help.

BRRRR: can add a modular bedroom/bathroom/pool/hot tub to rehab, rent, refinance, and repeatIf I do this right, I think I can still use a 5% conventional loan, although I might be wrong about that? 

Option 1:30 Year FixedLoan Amount $202,500.00LTV 75%Discount Points %0.00Prepayment Penalty (3/2/1)Interest Rate % 8.225Origination Fee % 0.00Underwriting Fee $1,645.00Monthly Mortgage Payments $2,018.76Broker Fee % 1.25Cash From Borrower $78,081.01Option 2:5/6 ARMLoan Amount $202,500.00LTV 75%Discount Points %0.00Prepayment Penalty (3/2/1)Interest Rate % 8.025Origination Fee % 0.00Underwriting Fee $1,645.00Monthly Mortgage Payments $1,990.40Broker Fee % 1.25Cash From Borrower $78,052.65 Right now there isn't much benefit to the 5/6 ARM vs. the 30-year fixed for DSCR because the market is assuming that there is a very low liklihood of rates being higher in five years as today. 

Was this the right way to go about it? 

In Cape Town I left with a completely different data-set then what I entered with.