@Sethu MadhavanThere is a reason why we have DTI limits - they are there to protect the borrower from getting in to deep into debt.

Good bookkeeping is a big reason why I was able to scale to 20 flips per year. 

I moved to Reno, NV from the Bay Area for many reasons, but mainly for REI. 

Quote from @Richard Perez: It's a rent-by-the-room situation, so there's no reason why you couldn't rent the other rooms (and the kitchen and the living room) to some loud, obnoxious partiers.

If your reasoning can stand up to questions, then it's a good idea.

I tell my STR clients during intake that A) they should have a long horizon and that appreciation over 10, 20 years, is your biggest asset and that B) they should want that vacation rental also for personal reasons, not just investment.What prevents you from house hacking right now?

@Quin GreenIf you are going to be chasing mortgage sales, then it behooves you to follow the Ontario Gazette (Royal Gazette) and the classifieds section of the local newspaper for properties headed to mortgage sale.When an interesting property comes up, attend the auction - if for no other reason than learn the upset price and learn if it sells.  

What is their true in-place cap rate, interest rate, DSCR?  

That total loss is really the only reason they're buying insurance at all. 

I laughed at that - perhaps the manner in which the data was collected allowed for this calculation to be true.