I’m moving to a new city (Dallas) for my first decent paying job and I’ll have the option to owner-finance a house for 5-10% down (and be much closer to work) or stay with my sister (for very cheap) and save up 20% to get a conventional to buy a rental.Which would you do, BP?

but you sure see those that live in mid west markets advertising on the coasts for buyers because they don't have enough local buyers to buy the existing inventory..

Numerous of strategies in real estate investing not only the conventional way.

Since you mentioned this is for a “low deal,” I assume low or no money down conventional financing is not an option. 

His end goal is to refinance with a conventional loan but he wants to wait another 6 months after his credit score improves from his current 650 credit score to receive a better interest rate.

I will be using a conventional loan, up to 250k.

Probably not, there may be fees associated with this if you take out a loan with this as collateral, normally you should be able to qualify for a conventional mortgage based off of your income. 

I have technically have the cash to purchase a house plus a reno budget, but I'd like to use the lease amount of my own money as I can...Can I seek a conventional loan?

There’s minimal inventory under the $300k range in the high-demand areas at this point + rising interest rates. 

Great Boston is still ideal from the distance point of view, but the inventory is almost nil, crazy-priced and mostly antic.Deliver at least 5% ROI yearly after all expenses (taxes, management, insurance etc.)