My brother-in-law has been financially successful in real estate, but to avoid family issues, my wife and I have resolved to be self-sufficient.

Technically, not all lender would approve a DSCR loan for someone who has not owned their primary but there are some lenders who do lend to FTHB a DSCR loan.

@James Trobaugh in either situation, you could use an FHA loan.

Real estate investors have a variety of financing options available to them, depending on their financial situation, investment strategy, and the type of property they're interested in.

This will be the first loan for me. 

You can get a second mortgage to go with the assumable loan.

We're currently saving up enough for a 20% down for a conventional loan to bypass having to pay for PMI and MIP, as these 2 additional monthly expenses are a "make it or break it", in finding a cash flowing property in California.I would love to know what your story was like when you first started your real estate investing journey!

It's important to review any existing rental listings, like the ones on Furnished Finder, AirBnb & VRBO and assess the property's performance and potential profitability.Consult professionals: It may be beneficial to consult with real estate agents, property managers, or financial advisors who are familiar with the target market.

It's reassuring to know that having parents as co-signers can help keep them financially accountable.

Get yourself educated on VA loan process through dealing with VA approved lender.