Most banks want to see that the NOI is at least 1.2 to 1.3x the debt payment.   

But you’re “banking” on the future and expecting to “make” money because of that solely.

Would love to get some feedback on this strategy I just did: Instead of waiting 30-45 days to secure a regular conventional loan to purchase my rental property, I decided to get an unsecured loan from the bank instead.

I paid cash for the house (approximately $15,000) and then took out a loan from my bank for $20,000.

If you go owner occupied the bank you go with may have a renovation loan you can take out as well or you could do private lending if a renovation loan is not an option for you.

as contractors will be raking in the majority of your profits.Work slave job with W-2 documentation for 2 years to gain favor with banks.

I've been saving up money and have been disappointed in the bank interest and thought there has to be a better way. 

As you move forward.... keep in mind that tenants who enjoy where they live, can afford the price, and are pleased with how the property is managed, are likely to stay a long time.

There is a reason most banks will not lend money for properties under $50K. 

You have to provide the financing for us to buy the new property - either from cash reserves, a private loan, or a loan from a portfolio lender like a community bank.