After some basic research, it seems to me that an FHA loan or, potentially some type of physicians loan may be the best option.

Everyone had great points above but something that stood out to me is that you said option 2 is in a good location.

Hi everyone! I am a new member to BP and looking to gather info and resources for investing in a vacation rental property in northern Michigan.  My family and I vacation frequently around the Traverse City area and wo...

With that said, based on your comment that the income you receive from the S-Corp is not enough to qualify for a traditional mortgage, you may have to consider other ways to acquire the property such as owner financing or lease option. 

There are probably going to be a lot of options available depending on how your portfolio is structured. 

They're also a lot cheaper: Stessa (free to start) and Digb.com ($1 per month to start).In the other thread, someone also suggested Quicken as an option at $50 a year but I think there's some setup involved to tailor it to your real estate needs (the person on this thread could clarify: https://www.biggerpockets.com/...) 

We initially have been looking at out of state options (MI, OH, NC, etc) since our local market in Los Angeles is so ridiculously expensive.

Build equity then have up to 4 doors on your first purchase doesn't sound too shabby Yes, I am in the early stages and have done one BRRRR project so far, thank you for your advice on house hacking I was into that option too.

If you have a property that you like in a good location, just hang on to it unless you have enough walk away equity to pursue a better option.

I know in her book Avery Carl recommends cancelling all current bookings and starting fresh, but the property is pretty turnkey and I really hate to lose those bookings and honestly would feel bad for the people who are planning their spring break vacations for next month thinking they have a great place to stay lined up.One option Avery mentioned is having the property management company contact current bookings and asking them to cancel their bookings and rebook on the new listing.