So, it's personal, for me.     

Personally, I get great cashflow in my NC markets that I invest in, and have gotten to enjoy a lot of the appreciation there as well.  

Based on the income of the property no your personal income. 

BUT you can skip the income piece, as "qualifying" will be based on rents received, not your personal income.

DSCR loans are a great option for anyone that doesn't fit the conventional "box" - DTI isn't a factor, no employment info needed, no W2s, paystubs, tax returns, 1099s, etc. needed, you can close in an LLC if you want to and many lenders don't report to personal credit, so those loans won't affect your credit score/DTI for any conventional financing you might pursue in the future.

@Yadira ValeraIf you transfer property but mortgage stays in your name it still shows on creditIf loan is in the LLC, you may have to personally guarantee it so you would be required to list it as a debt on any new applicationsJust a fyi

However from my observations the squatter occupied properties tend to be in lower barrier markets and I wouldn't personally want to spend my time and effort trying to create value in such neighborhoods.

I'd personally wouldn't refi it.

I am a handy person who would be able to perform much of the home renovation myself.

Each person further down the line hoping they can scam their way in to get paid, and actually having zero idea who the actual contract holder is or who the seller is.