Looking into Multi-family in home town

[Brendon Botelho]

Just a quick background:

I'm originally from New Bedford, MA but moved to Virginia last year for a government job opportunity. It wasn't until I moved and picked up Brandon's The Book on Rental Property Investing that I realized I wanted to quit the rat race and invest in RE. My wife and I plan on moving back to New Bedford 2 years from now after she graduates and becomes a Nurse Practitioner. At this time, I will be able to jump into the RE game with 2 feet as she will bring home the guaranteed income (sugar mama?). Our intentions are to house hack in order to keep costs low while we grow our rental portfolio.

My problem is, as I listen to these podcasts and read some of the discussions on here about folks starting off while working a 9-5, the voice in the back of my head keeps telling me why wait? My reasoning is that 1) there aren't a whole lot of multifamily properties in this area and 2) I am not familiar with this area. As some of you may know, the multifamily rental market in New Bedford and surrounding areas are filled with inventory and I know the area like the back of my hand, being able to look at the house on the map and know exactly what the area looks like (A, B, warzone, etc).

I have analyzed and found a few potential deals that would cash flow really well and I would have my brother-in-law as boots on the ground to look over the property until I move back BUT, my wife and I don't have the 20 percent to put down because we bought a home here in Virginia. We would have about 5-10 percent to put down depending on the purchase price. Since the home will not be our primary residence, are there conventional loans or any other types of loans that would allow us to put 5 percent down on the rental? Any suggestions would be awesome! I really don't want to waste the next two years picking up sweet deals when I could potentially move back with 5-10 units under my belt! Thanks!