You just can't beat the financing available, the rate is good but the LTV (96.5% on FHA loans) is unbeatable.

I'd also be careful when using a heloc for the down payment and getting a loan on top of it due to the zero equity situation -Be safe!!

Having owned property in rockford its not a great appreciation area so getting a HELOC will probably take 5-10 years based on loan pay down and maybe some slight appreciation.

They'll loan on a rental portfolio. 

Hi Scott, you don't need to be a first time homebuyer to use an FHA loan and you don't need to be low credit (as many would suppose), but the product probably appeals most to low-credit first time buyers.

and then getting a standard mortgage after that vs. getting a construction loan to pay during the build and then convert. 

Your time is the most valueable asset you have- use it to find deals and make more money, not negotiating with your tenant over lightbulb installations. 

The only thing it’s difficult for is if you have multiple loans on the property.

The market is ALWAYS changing but I know at this time, seasoned investors are getting 80% LTV on DSCR in the 6% range and 90% of PP/100% of renovation if total loan does not exceed 75% of ARV for FixNFlip loans. =)  

I have two properties (exact same property just across the street from each other) one is a seller finance that is coming to the end of its contract for balloon payment and the other is a fix and hold Interest only loan that is also coming to the end of its contract for balloon payment.