They might require 10%-20% down based on the purchase price but will fund 100% of the rehab as long as the ARV is solid. 

Unless you get a solid quote in advance to run your numbers, that part of it is a guess.

Seems like you have a great background and a solid plan in place to get started. 

hi everyone, this is my first time posting to bigger pocketsi am an airline pilot in my mid 30s and looking to create a new life for my wife and myself and our baby on the way. i have dove deep on BP and been scouring the bookstore and the podcasts and learning as much as i can about investing in real estate. we currently live in a 1b/1ba home we own, and no longer owe any debt. i bought it for $120k in 2015 with 2br/1ba, met my wife the next year, she moved in and we gutted it and rehabbed it ourselves (aside from some structural flooring stuff and the final electric and water connections) and blew the tiny bathroom out into the adjacent bedroom, making the house a 1br/1ba. we did all the framing and flooring, paint and drywall and fixtures ourselves. we plan to add an additional bedroom or two, and possibly another bathroom, in the unfinished attic at some point. i was granted a HELOC for $120,000 with my local bank after it got reappraised a month ago at $163,000. i think we spent around $25,000 on the rehab so i'm feeling pretty darn happy about the situation. obviously the covid exodus from boston and new york have pumped real estate prices but we dont really plan on selling any time soon; but possibly renting it out if i get relocated for work.i am trying to find my first investment deal, and my wife and i have narrowed down our plan to aim for a rental with cosmetic rehab and solid tenant base. we thought about house hacking. i'm not sure of where i'll be sent next with work, but i will be sent somewhere else soon. our local market (vermont) is not very landlord friendly so we are looking at long distance, self-sufficient rental as our first investment. i am leaning toward student rentals, and after searching and comparing prices and stuff we have chosen to focus on a few different college town markets in the TN, KY, WV region. i have found a property i think might fit. its a triplex with three 1br/1ba units and off street parking, split utilities, w/d in each unit, located a half block from campus. it seems in decent shape, its been on the market over 200 days, and is listed at $190,000 in a market i believe i can ask at least $750 per unit for rent, which would bring my cash flow to near $1000/mo if i used the calculator correctly.what next??

Because I am not a local to the area, I was hoping to hear from tenured investors/residents as to what are some solid areas to look at within DFW.

This might be solid option, if you can't fix the water situation within a reasonable amount of time. 

I know the agent.Other than that, there are a handful of recently sold's in Bay Park over the last 90 days all that are marketed as "ADU ready" or "ADU potential" but no solid comps I'm seeing at the moment.I'm sure you realize this but there can be a wide range of pricing throughout Bay Park w/ the potential for custom homes and gorgeous views.

I'm renting out the other two rooms and I am in need of a solid leasing form that I can fill in my specific provisions in addition to all the material you typically see on every lease.

If they refuse to fill out the form, or if they fill it out incorrectly, that can be used as evidence against them.Personally, I would consult an attorney at this point.

Congratulations on a solid deal!