This is one way to manage costs risk.The ways to own the property besides FHA & conventional loans is with private loans, investor DSCR loans (non owner occupied); seller financing, lease options, partnering with others to take the property down..... 

Do DSCR loans qualify if purchasing through 1031 w/debt-carry-forward requirements?

If you don’t care about maximizing loan amount then you could start whenever.

I am a soon to graduate 22 year old student athlete/Husband/Father.

Hi everyone, new to investing here but I've used the VA loan 3 times now and have had 2 at once so I have a good understanding of how it works.

I mean, don't get me wrong, we have to comp the property...so if you are looking to REHAB the property and make it something different, then you need a rehab loan first and then refinance after type of thing. 

Some investors use conventional loans, while others use private lenders, hard money loans, or partnerships.

Alternatively, your sibling might use a 1031 exchange to defer taxes by reinvesting in like-kind properties, though this doesn't directly fund a primary residence.Other ideas include leveraging a HELOC on the rental properties for the down payment, taking out a 401(k) loan, structuring an owner-financed agreement, or a lease-to-own arrangement.

And you have to pay PMI for the life of the loan.

I can say from having taught classes on these loans that your contractor will be the biggest key to your success.