We live in Los Angeles, both are self employed 1099 independent contractors, combined annual income roughly 250k pre-tax.

We were decidedly in the affordable price range with our rental property offerings in Augusta.And we would learn and experience hard lessons about property management in affordable income homes.

.- Our combined after-tax income is $170k annually.- We have no outstanding mortgage debt.Recently, we discussed financing options with a banker at PNC and learned that we might qualify for a HELOC up to $480k, albeit with a relatively high minimum interest rate of 9.31%.

Assess key factors like population growth, low vacancy rates, rental income, job market diversity, and crime rates for a thorough market analysis.

@Arshiya TaamiHow long you been collecting a w2 and what are your incomes vs expenses?

I would first try to increase your income/liquidity or bring on other investors who can provide the capital. 

Full documentation. 1.Purchase contract, your new fire insurance declarations page, and preliminary title report.  2.Past two years IRS returns 2022 2023 the net income after expenses, with paychecks past 30 days or profit and or loss 2024 year to date3. your bank statements for 2 months showing you have the down payment in your name, 4.

They will look at your debt-to-income, credit, income history, etc. 

It works well for my corporate rentals.

Some helpful info on knowing how DSCR rates and guidelines broadly work: DSCR loans won't use your income to underwrite the loan.