(Not just any CPA, attorney, or even tax attorney).  

I am an Investor in RE doing single-family residences (Turnkey, and BRRR).

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

However if you do It might mean both a loss due to the note being uncollectible or even go to jail for not haveing the apropriate license.

Unfortunately, that happens, so  run the reports for even close circle ppl to be sure the rent is paid.Why do you want to re-qualify as a first time buyer?

I am going to go a bit off topic here...I have been thinking about purchasing a rowing machine for a while now and this thread, and thinking about how much my physical activity has gone down in the last year (since I left the Air Force), is making me think about it even more.

I currently own my primary residence and recently decided to buy a piece of raw land where my father’s construction company is, and with his help,  build a single family home on it which will become a long term rental when completed. 

Landlord friendly rules because evictions are quick - won't even take 12 mos. 

With your amount down, I'd say that house hacking or investing in a single-family rental are both solid options.

They do not want to be 50% or even 25%+ of the total investment.