I do not add anything to the bedrooms except maybe some generic window blinds.

Cal, no one is talking about speculation except you and I think you do not know what the word means.  

There an old joke among Texas accountants about types of inventory:FIFO (first in, first out)LIFO (last in, last out), and as it pertains to Texas real estate,FIST (first in, still there)With the exception of Greater Austin area, it's often hard to get out, hence the creative monetization stories. 

I have zero experience with them as it relates to financing with the exception of auto loans. 

I am currently going through 34 unit property where the owners paying for everything except electric.

I have planned to be debt free (except the mortgage) in 3 years and will be ready at that time to put a 'for rent' sign out front.  

At first glance the ROI is exceptional, however there does seem to be risk.  

@Richard Scholtz debt to income for borrower "no".Is that to say you loan 75% LTV for 30 years fixed with no borrower qualifying except fico?

This is very similar to a re-finance except only one mortgage is required.

Yes, read up on those King County and city of Seattle exceptions @Yohannes Kifle.