Creative Financing: Strategies?

[Ian Davis]

My first rental property is financed as such, 30 year/fixed @ 2.75. I didn't pay points/discount fees. This is a VA Home Loan Guaranty. Now, I was approved at $250K, but the property cost around $180K. Now, the free cash flow generation hovers around 30%. I can't ask the bank for another loan, not based on my "Debt-to-income" ratio, or at least I don't think I can. This second property will cost me around $75K-$100K. How do I finance this second rental property? Could I get away with using an FHA loan? Perhaps conventional is my only option here, but then I will wait 6 mos. to save for the down. Any ideas?