Establish where rents eventually need to be, so for instance $1,100.

Assuming you don't already have experience buying and managing a rental property, a great place to start would be house-hacking (a single fam house, a duplex, tri, or quadplex).There are MANY advantages of house hacking for new investors, and you also avoid some of the disadvantages of other approaches.For instance:-HH lets you take advantage of excellent debt terms of an owner-occupant mortgage (lowest rates, lowest DP, etc.).

There may be instances where the owner NEEDS to sell and the home is in great condition. 

For instance - a home owners association may foreclose on a property to get their HOA dues... they may only be suing for $2000-$5000.  

For instance, there are certain properties that are C class, but that attract graduate students (e.g.; nursing students, doctoral students, etc.), and many of these tenants are solid (they tend to pay on time, and are mostly respectful and easy to work with, in my experience). ...note that I said graduate students (not undergrads, which is a whole other niche). 

For instance: If I pay an architect or engineer to design a room addition for a house.

There will be a thinning of RE agents Mortgage brokers  title company employees  sub trades etc etwhat will lead to over all stability though is the amount of real estate owned free and clear much more than most investors probably realizeand as it relates to owner occupied areas the amount of sub 4% fixed rate financing that in most instance payments are less or equal to rent.

But whoever ends up paying more upfront gets priority pay back for the remainder out of monthly cash flow until the “initial investment” is perfectly even.For instance:   DP + closing = $50k out of our pocket  Renovations = $60k out of his pocket   Difference = $10k Which will be paid to him from the $500 monthly cash flow until recoupedThe problem is he is saying that he doesn’t want to just count the cost of supplies and his employees, but he wants to bill his time as well as his employees time as part of his “initial investment”.   

There are DSCR lenders that still require 6 months seasoning and some that will allow shorter periods, but you’re typically limited to a % of pp in that instance instead of appraised value/ARV.

For instance, $100k NOI / 10% cap = $1MIf a mix of comp/income, what does that generally look like?