For one, if you have any properties with conventional loans on them, this makes things much more complicated and severely limits your ability to limit your liabilities.

When I talk with the investors I work with That have used this plan they find if they are buying right in a good appreciating market with conventional financing they are able to drop the PMI after the first year.  

I bought this residence with my VA loan but realized I should have used either conventional or FHA due to the low cost of the home.

Good inventory but man does that office make it tough to finish rehabs in a timely manner

If you use conventional lending it can be 6-12 months (12 months fannie, 6 months freddie to use the current market value).

So, because of this a lot of the "affordable" condos you will see in DFW have financial issues and you cannot get a mortgage loan on them, and have to pay cash. or, maybe get some sort of non conventional financing that is much more expensive requiring 25%+ down. 

Pro: In a conventional banking system, you have to trust people to handle your money properly along the way.

You can acquire your first primary for 3-5% down for conventional or 3.5% FHA + upfront cost for fha specifically.

I would reach out to a conventional lender/broker to see, I just do DSCR and hard money so my requirements are very different. 

We would get a better conventional loan rate on a new primary (vs investment property) and be able to put less than 20% down (if we wanted to).