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

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.

Typically the "bug killers" would've mentioned German Beatles (VW's lol) to the homeowners.A couple things you may want to look into are too many type NM (slang is Romex) cables in 1 penetration and not supported.

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 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. 

I realize there are better in investments, but we like Wildwood, NJ and would use it for 1 week during the summer and a weekend getaway during the off season.Current pricing appears to be $650-$850K for 3BR/2BA, 1,400 sq. ft. and ~$16K out of pocket costs ($5K yearly taxes, $10K condo fees covering wifi/cable, flood, sewer, trash, etc. and $600 for content insurance).

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).There is no shame in what you earn!

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.

You may want to look into a HELOC or 2nd Mortgage instead of a traditional refi.