In addition to conventional loans and FHA loans, if either you or your wife are veterans, the VA also has a rehab program.I'd be happy to discuss my rehab experience both as an investor and as a mortgage broker, and at least help you think through your options. 

Most mortgage companies will not call loan due if payments are current but you do run that risk and need to be prepared to payoff or refi at a moments notice.

(Auctions and foreclosures can also provide great leads.)With $20K, hard money loans are a practical option, as they emphasize a property’s ARV over your financial history.

If you are moving from your SFR to another property, then you should be able to get a 5% down loan or even 3% if it's FHA.  25% is only if you won't be living in the property in my experience.

We decided I’d utilize an FHA loan to buy my first property.

I they accepted an offer of $118K from my brother but since he couldn't get the loan, we're starting over.

100% VA loan, which allowed me to put money saved towards renovations.How did you add value to the deal?

You can also see total loan exposure, every loan ever pulled, every property ever owed, every co-signing partner from every project, permits, etc... 

Cash out should be used as a 12-24 month loan so that you can buy another property and pull cash out at the next 12th or 24th month mark.At that point you take a portion to pay off or down the first loan and use the rest as a down payment on the next REI.

Most lenders I work with would lend you 70%-75% of the value of the property, but only so much that your NOI/profit is 20%-25% of the monthly loan payment.