Since it took the board three weeks to meet, we had to delay the project for that time. 

But as w most renovations some snags and delays started.

I figure it’s a great way to earn money by doing minimal work but at the same time I feel like I can be spending that hour to prospect in my own market.

What is the risk of not having it or delaying getting it?

There are a lot of moving pieces ... identifying the property - having the vision for maximizing the ARV - estimating the rehab costs - negotiating to buy at the right price - keeping you in the loop as the work progresses - staying on schedule and on budget - maximizing the resale marketing and minimizing the overall hold time. 

With that said, I would house hack 3-4 units, take advantage of the 10 Fannie/Freddy loans available to you, and use minimal funds (3.5% down).

I'm relatively new to the industry, but I have never seen a loan that offers a "grace period" of sorts to delay any type of payment at all.

I thought they might be a great way to generate positive cashflow through AirBnB for a minimal cost.

I typically pay for properties cash and I usually leave the cash in the houses I get unless I need the cash for another project (Think of it as a delayed BRRRRR) I have fairly strict criteria so I don't pick up 20+ properties a year but I usually try to to get anywhere from 2-5 annually.  

Very minimal stuff in the units and they will be single occupancy.