I found my lender, insurance agent, and property manager through my agent.

DSCR loans deal with the amount of rents the property will throw off minus insurance and tax liability. 

I don't necessarily recommend pursuing this strategy if you're already working full-time and your wife will be a full-time student.

Read "The House Hacking Strategy" to understand the investment concept.

I am concerned about our exit strategy on this.

You don't want the liability as a rental and your expenses are going to be a lot higher for insurance and maintenance, and I will promise you that your tenants will never take care of it the way you will.   

As well as having insurance in case something bad accidently happens to the Property.

I think the market you're in surely makes a difference.

It's landlord friendly, taxes are around 1%, insurance is affordable, numbers are getting better every day and I would say on average you can buy rentals at around a 7% cap rate.

WHATEVER you or any other real estate investor does #1 - Never Ever Under-Estimate non-supportive parties:  HUD, REVERSE MORTGAGE LENDERS, FHA, YOUR OWN REALTOR, Financiers, INSURER'S, LOCAL LAW ENFORCEMENT EMPLOYEES - bribed Police Inspectors especially!