Military relocation dilemma

[Zac Conn]

Hello BP,

I'm in a bit of a dilemma. I'll be separating from the Navy in July and My wife and I are relocating from Virginia Beach to Tampa. We are looking to purchase a small MFR and house hack if possible. The only problem is, neither of us have jobs lined up in Tampa, making it hard to get approved for any sort of conventional mortgage. We do have some money set aside for a down payment/reserves, we both have excellent credit, and I will be starting school at USF in January which means I'll be getting a monthly housing stipend from the G.I. Bill. We are also considering purchasing a single family home, rehabbing it, and then refinancing at the ARV. I have zero doubts that we would be able to make the mortgage payments/expenses, and I also have access to additional capital if needed. I am just looking for any advice as to what good, creative financing options people use in situations like this. I've considered the following:

1. Use hard money to purchase distressed MFR/Single family, rehab to raise property value, and then refinance into conventional mortgage, as we should both have jobs by that point.

2. Search for an owner-financing opportunity since there won't be such strict guidelines in regards to current income. I have come to understand that owner-financing is a bit of a stretch considering most sellers want the cash up-front for additional investments.

3. (The boring scenario) Rent for 6 months-1 year until we get on our feet/establish steady jobs and then search for properties during this time.

I would rather not rent just due to the fact that if I'm spending $15,000 on a place to live, I would like there to be a chance to recuperate that cash in one way or another. We've also been renting long and enough and we feel like we're ready to buy a place of our own. Any and all input would be much appreciated!