Also, for a situation that owner simply refused to pay insurance/taxes and let it go foreclosure.

Our numbers were PP $258,000 ($359,000 Tax assessment),  Rehab $70,000  ARV $400,000    Appraiser AS is $285,000  ARV $350,000    Appraiser cost us $1950,00 because we're in AK The loan so far is as follows......total of $317.296  with a $43,200 hold back for reno, not 70k, $13,489 in fees....8.49% interest and our down payment of $52,000Lots of hoops but I guess we have a Credit Line of $650,000 for 1 year.....I need to find out yet how it works with the next loan, if I need to jump through all the hoops again ? 

My issue is that I come from a low income background and have fought my *** off, pardon my language to get to where I am now and comfortable.

., a DSCR (Debt Service Coverage Ratio) loan could be a great option as they are not based on your income. 

I would venture to say that 95% of properties listed today on the market will not cash-flow at a 7-8% investment interest rate once you factor in principle, interest, taxes, insurance, and a maintenance / capex reserve.  

This property will lay the groundwork for all of your future investments, just think about how much income this home will generate over the next 20-30 years! 

This is a great strategy for high income earners as they can purchase a short-term rental get a cost segregation and slam a huge loss through to offset current years income. 

I know a guy out in Baltimore flipping and BRRR'ing in the lower income neighborhoods and making a killing, but he's got his system down solid.

If I tried buying that property today, the expenses would be significantly higher than the income and it would be a bad investment.

Instead, they typically employ a sales comparison approach to determine the property's worth, using the income to calculate the DSCR, which usually needs to exceed 1.0 for most lenders.Assuming you have a solid track record with the property and there's enough equity in the deal, leveraging the After Repair Value (ARV) on a sales comparison evaluation could enable you to refinance into a bridge loan until the necessary work is completed.Maybe a mortgage broker specializing in traditional loans could offer insights into construction-to-permanent loans