In the first case, they are trying to bring income in, and in the second case, they are ready to make loans.There are lenders in your area, probably the smaller local lenders, or even regional lenders, who will be more flexible than most of the others (bigger banks). 

If you can only get it for 65% of ARV, then you're not meeting his terms and it's probably not a good deal (depending on his flexibility). 

Yes, there are more than a few that insist a Month-To-Month (MTM) lease gives them more flexibility in getting rid of problem tenants, but isn't that what lease violations are for?

The difference in rates is marginal (especially now) and you give up a ton of flexibility.

If your current job isn't flexible, or relaxed, then find something that does have the flexibility as you slowly start to spend more time on RE.

I don't think that banks offer the same flexibility in my hours and personal life as my current job.

Condos, on the other hand, typically have more flexibility there.

I used an FHA and house hacked, but now am stuck paying $252 in PMI every month, and the only way out of that is to refinance into another loan which will cost several thousand in closing costs.I will say the criteria to qualify for these other low down payment programs at banks is stricter than the FHA since they aren't government conforming/guaranteed, but worthwhile to look into nonetheless and see if you qualify so you have added flexibility down the line.

As an investor, it's kind of nice to have that flexibility.

This will give you added safety for the entire portfolio and flexibility in the future to make moves as you continue to learn and grow as an investor.