Im now in contract to pass a busted pipe in the wall with non of the special financing you would normally hear about. 

It just means you were able properly fill out paperwork and pass a test.

Just so you are prepared, if you pick up a 3-4 unit property using FHA as the loan, it must pass a self sufficiency test.

My wife and I would like to find something that will pass a va appraisal but is a good deal that needs updates that we can do over time, that way we can have equity and cash flow.

What you buy would have to pass as a livable with all inspection failures fixed before closing.

Each must successfully pass a 3rd party screening.

So even you make 1 mil a year, if the property does not pass a self-sufficiency test, they won't lend money to you.

I bought into the "dream" that anyone who could pass a test was set to make millions of $$$ as eager sellers threw listing contracts my way. 

Get this right and buy good properties that you can get tenants that can pass a high standard tenant screening, will help ensure you will NOT encounter too many bumps in your road to achieve equity growth.Lastly, I did rent to one of my brothers, but I had explained to them that it's a business.

Every single one of the above that I know of, I know of from a networking type event, where a rep from that bank was pitching me for volume referral business (not one-off consumer direct), I don't know that it would be easy for a consumer to find one of these, perhaps your go-to local loan originator for the 30YF stuff has been similarly pitched, just like I have been, and can pass a name along.