If you took a $100,000 loan at a 8% interest rate, you would owe a total of $8,000 in interest.

One way we do that is by pulling your credit report (but only after you’ve filled out our full loan application and agreed to our conditional terms).

I am considering selling the place, but not sure if I should given that I have a 142K loan in place with pre-payment penalty, or if I should just see this eviction through and just try my hand at getting another tenant in there vs possible lease optioning the home out. 

I would also be using the VA Loan. 

15yr Fixed equity loan base rate could be as low as 10.25% at 100% loan to value, with a base APR as low as 10.25%.

If you are just getting out of high school, I don't know that a large DSCR loan seems like a good idea or possible, but maybe easier if you haven't built a ton of credit yet.

When it comes to finding a lender for a DSCR loan, does the lender need to be in the same area as my property, or can I choose any lender, and they'll get me the loan out of state? 

I suggest you use around 10K to 15K to get a hard money loan set up at 100 percent funding (no money down) to renovate a property and then rent it out- but do not target making just enough to pay the mortgage.

My spouse sees the cash flow coming in but is also worried about the risks that come with it such as having a loan for a property rather than having it all cash/paid off.

This makes it to where I will not qualify for a traditional loan.