I was thinking of going conventional but hate to go through the hassle and long process of it.

Whether it's a Section 8 rental or conventional rental.

I was told by my agent that since it was "Online Only" that it had probably already been to the convention center and this was probably the final auction.

If accepted (and after closing), can I apply for a conventional mortgage ?

Glenn I am not a fix in flip person but this deal doesn't sound that great to me.1.What are the saturation levels and inventory you will be competing with on the market and pricing??

Condos are a good option there as there is a large amount of inventory.

Only conventional loans will lock rates for 15 to 30 years, and you can't grow far with these due to limitations.

I've seen posts regarding a maximum of 4 for conventional lending....but private?

We've been very selective for the right neighborhood and price range, so not too much inventory in our category.

If we're talking about conventional lending then yes cash flow properties (cash flow on tax returns/financial statements) can be used to increase income but some local/community banks or HELOC lenders may only allow the positive income to "0" out or wash out the mortgage against your DTI but not allow the positive income to be used in helping you qualify for additional loans or financing because of the exposure to additional leverage and risk they may have to take on.