We purchased at $365K with 5% down on a conventional 30YR loan at 6.125% IR.

These areas have heavy rental markets so there is always some inventory and it is easy to sell and exit if you wish to.

Conventional Loan How did you add value to the deal?

The intent is torefinance them once I am done with the rehabs and I want to stay clear of theseasoning restrictions often seen on conventional loans.

It will be harder to qualify for conventional loans (personal or investments).

This method cost you nothing.This is a good starting point to build investment capital while you learn.If you plan to buy and hold or rehab and flip, then you will need either investment partners on conventional funding sources. 

@Jason Greenway For conventional financing most lenders will not allow you to put a home under an LLC, it has to be in your personal name.

Not only that but you each can qualify for a max of 10 conventional loans under your name.

This is through a conventional, no PMI loan.Investing in Commercial Real Estate:Commercial properties include office buildings, retail spaces, warehouses, and more.

This means you would need to refinance the current house into a conventional loan before you can get another FHA loan.