About 20% use 15% or 20% conventional (my lender does have a portfolio 15% product currently). 

Also, make sure there aren't additional restrictions on the property condition, compared to a conventional loan. 

As an investor, you'll need to wait until this period expires before your offer will be considered.Additionally, Freddie Mac may require proof of funds or a pre-approval letter with your offer, and they often prefer cash offers or conventional financing.

Lol.So, would you have preferred start with something like seller financing deals instead of conventional loans?

FHA or Conventional loan?

Commercial lenders are not playing by the same set of rules as conventional lenders.   

Now, you're going to pay for that in much higher rates that you'll get in FHA or even Conventional loans, but if you're willing to bite the bullet on that to get started, then it's a great tool to use.

A conventional income applicant, so to speak, could lose their job and pay you nothing. 

Does it need enough work that it will not pass a conventional mortgage appraisal, thereby limiting yourself to cash buyers?

Fannie/Freddie now require 12 months of seasoning for a conventional cash out refi in order to use the appraised value.