@Jess Wood First, I'm all caught up on GoT and I loved last nights episode, though I'll refrain from details to avoid spoiling it for anyone.

Problem is anyone who can afford $3k in rent can easily afford a $300k house, so your rental pool is incredibly small.What are the details on the "basement rental?"

You'll need more than just the DP, there are closing costs, initial repairs (there's always something), and some money set aside as reserves.Post the details and the community will be happy to take a look.

You can get a short term interest only product but your solution will be dictated by the details of your situation 

It's worth the money, and they will think of details that you won't. 

I believe I heard a guest mention doing this on the Bigger Pockets podcast but they didn’t give much detail.

But if you don't understand their advice, then you should ask them to explain it in more detail and you can post here as well of course.All that said, everything you posted sounds reasonable at first glance.

I'd be super glad to talk about a more detailed due diligence process with you or anyone that is considering buying rentals, it doesn't matter if in state or out of state.

Or potentially do a reverse exchange, just digging into some details there.

That seems doable in the information given but more details would have to be known.