No, if you want a low downpayment you could buy it with a FHA loan and live in one of the units the first year. 

Those are really the things that will get someone to rent or buy a house more than the mechanical items.At minimum paint will go a long way to give your property a cleaner look and make it more desirable.Good luck, hope this helps!

My idea, together with a partner, is to use the DSCR loans to buy different properties in the midwest.

Do you have the ability to buy another home that would make you happy and rent the other out? 

Have a plan and target property, and be ready to buy. 

It really is unfair that someone can buy a property and be held accountable for lack of permits on old work.

You can use your extra $1000 per month x 120 months, so 120k, to buy more property.Whether you snowball you portfolio or you let it grow and then go through a partial liquidation to pay off the rest, both get you to free and clear in the end. 

There is no problem buying off market and getting financing.

Investment Info:Single-family residence buy & hold investment.

Sometimes the commission checks can be low (i have a client purchasing a 50k property tomorrow at 2%) but helping someone buy their first investment property has been fun.