If you go directly to the bank they will run you through the qualification process just like getting a conventional loan.

This price growth is largely driven by continued low inventory levels, which have kept competition high among buyers, even as average days on market have increased to 36 days​(Nest Realty)​(Garretts Realty).In Southern Indiana, activity is up with new listings growing by 8.2%, though sales have seen slight declines.

I know that conventional wisdom says that you should never invest for depreciation but that has to factor in I would imagine?

We just saw few target properties go from active to contingent/pending status on MLS, it's hard to land on good cash-flow/turn-key property with low inventory nowadays.

That's probably 4 months of inventory. 

Purchase price: $480,000 Cash invested: $24,000Purchased using a 5% down conventional loan.

You convert your hard money loan and refinance into a conventional loan and get the uptick of your renovation on the home value.

If you're doing a 2nd mortgage on your primary residence to get the cash for down payment on the new Quad, then you're looking at needing to qualify with DTI unless you find a lender who is a DSCR lender and not a traditional conventional loan lender.  

.- Conventional loans remain the top financing option (44%).Give it a full read on our BiggerPockets Blog

I'm financing 171k and using a 5% conventional loan while also taking 5% DP assistance through OHFA.