DSCR loans are not that low and regular hard money loans will be in the double digits.

Quote from @Paul Lucenti: Would you rather have monthly cash flow or would you prefer a quick pay day after 3-6 months?

However, there are other loans designed for fixer uppers referred to us hard money loans, bridge loans, or fix and flip loans but whatever you want to call them they're essentially short term, interest only loans with no prepayment penalties designed to finance a higher % of your purchase price and typically all of your renovations not to exceed a certain % of the ARV (typically 75% max). 

We are trying to think of all our options for a rehab loan.

With a 203k Renovation loan, you can also finance in your payments if you are doing a major rehab. 

Sellers can avoid paying transfer taxes to the county, while buyers are spared from facing significant property tax increases.However, it's important to note that lenders typically only approve these loans for properties with five or more units.

Different DSCR lenders have different guidelines.More on DSCR loans: DSCR loans won't use your income to underwrite the loan. 

House care, lawn care, condition of cars, street conditions, absence of pay-day loan shops... basically all the things you look for when determining where to live yourself. 

Is it smart to take out a 40 year loan to get some cash flow?  

My specialty is STR financing and the majority of the loans we do are the 10% down second home occupancy loan.