Also, would banks vs private lenders vs HML look at this different?

At the same time you must decide how best to spend that limited budget and to leverage it as best you can along with leveraging your time.

Don’t spend the income you get from the rental .

Another reason I like apartment complexes any vacancy does not usually hurt you like it would in a residential multifamily place would.Some Private Lenders will also lend to you including any repairs but I understand the importance of using a Bank to get a "house hacking" loan and its low down payment.. 

So, we are wanting to take the step of spending the money to get a solid lease in place.

Hello, I want to enter into the private lending business.

It all started by listening to Joshua Dorkin's and Brandon Turner's advice; set up a profile, upload a picture and introduce yourself to the BP Community.I look forward to the next steps ahead: analyzing properties, viewing properties, further networking and speaking with the first private investor I have in mind.TL;DR   ****Newbies, start interacting with the community, the value you might find could change your career and life.

There are small private law offices in urban areas of Los Angeles whose primary source of income is taking 40% of the cut on 'cash for keys'  money from tenants who don't pay their rent.

I am very good with my money budgeting wise and I don't spend money beside on essentials. 

If it’s not, they spend their first or last day stressed.