My out of state guys get conventional financing at 75%-80% all day on properties purchased at around 70k.

@Chris Wilburn You wil have MI under FHA loan in 30 year fix loan through out the life of the loan unless you refinance with conventional  loan.

A new partner and I are planning on doing a few deals that are NOT LLCs in order take advantage of the longer terms and better rates o f conventional financing.

It was a Fannie Mae conventional 30 year fixed product.Since then I haven't found another property that would appraise for so much higher than purchase price.

@Jean Camille Get an comparison on conventional loan so you know which option would be good for you. 

Inventory is extremely low all over the United States and people dont realize that because they dont understand their market and most of the time dont underestimate on rehab cost.

If there is ways you can add value through cosmetic work AND negotiate a price to but you in a good position with a fair amount of equity to begin with my opinion would be find another partner to front the remaining amount needed to put the down payment on a HML until property seasoned and then refinance into conventional through bank/credit union.

Unless we switch to a conventional then we'd have to keep paying it. 

Inventory continues to shrink, with Months Supply of Inventory down 7.1% year-over-year for Single Family Homes,with a 2.6 Month Supply this February, as compared to a 2.8 Month Supply in February 2017.Monthly stats for Pinellas County are available at http://pinellasrealtor.org/statistics/. 

@Brie Schmidt loan limits for conventional mortgage?