Depending on the types of repairs needed you may or may not be able to get a traditional mortgage for the property. 

This can be particularly advantageous for those in need of quick funds or looking to steer clear of the strict criteria set by traditional lenders.

Others specialize in buying rentals using traditional 20% down methods. 

I second Don and Chris.Hard money lenders are typically able to approve much faster than traditional financing due to the fact that most of their underwriting is based on the asset--in this case, the house. 

The unfortunate reality is that the national average is around 28k for hairstylists.I own my own salon suite, and believe it or not it's the most money I've ever made in my career so going back to a traditional salon is not an option I plan to pursue.I was planning to so a small multifamily (duplex or triplex), live in one side and rent the other out (my boyfriend would also be paying me rent as well).

It would seem to me that would be more expensive than getting a traditional loan these days.  

Presently  traditional banks construction debt will be  WSJ Prime +.5-1% which is only 2-3 points higher than where most Alt lenders are.

They all lead to a significant negative monthly return due to one or more of the following reasons:1) Asking Price is too high2) Traditional loan rates (FHA and Fannie Mae) are too high and affect total debt payment3) Existing rents are too low, so loan underwriters won't approve.4) Market Rents aren't high enough5) I would like to use the minimum down payment with FHA (3.5%) or Fannie Mae (5%).So, from all of these attempts, my understanding is the only way to make a house hack work in this region where I would at least breakeven on a monthly basis, is to purchase at a significantly lower price, lock in a nice creative deal or bring up my down payment to at least 20%.

What you’re getting at is that when you lose your W2 it significantly worsens your debt to income ratio – which would make getting traditional loans harder.

I am especially interested in learning to master the BRRRR method, but also ready and willing to use traditional methods to build my portfolio.