Also, with VA loans are you not required to live in one of the units which reduces cashflow.As @Mike Dymski pointed out, use IRR. It's

Basically all lenders are going to want you to have skin in the game.... and as such it's going to take money.

I personally think you shouldn't be investing in something you are not willing to put some skin into and the fixed 5.5% is as cheap of money as your gonna get and if you put 20% down and it all goes south well you lost your 20% that is reasonable. 

Last but not least, check your ego at the door and reach out to people that have skin in the game.

I feel like if I tried this the bank would laugh at me since I'd have no skin in the game; they would essentially be providing 100% financing.

It helps to get some more skin in the game because if the market goes into a recession again then you have some equity in the property that may help, if you plan on having this property till retirement then it doesn't matter and just hang out of the big cash flow and buy more non-depreciating assets!

It is best working with a modular factory that builds using SIP Panels as they are more energy efficient and lighter weight with a much stronger quality, the SIP Panels can be worked with using OSB or Phenolic Skins. 

I cant speak to VA however in seattle I know probably 5-6 community banks who could do something like this:- 75% of ARV - after repair value, they will only lend up to a max of this on what they percieve your project will ultimately be worth- 90% LTC - loan to cost (acquisition + rehab cost) as they want you to have min 10% skin in the game so to speak  some banks are more conservative and they might say " we're a 75/80 lender," this means they are 75% ARV and 80% LTC or in order words they want you to have 20 cents skin in the game for every 80 cents they distribute to you during the construction or during the loan process- usually 1.5 to 2.0 points- usually 4.5 - 6.5% rate interest only for 12 months with extensions at cost - much cheaper than HML  as HML can range from 12-15% + 3-6 pts probably - they usually reimburse after satisfactory inspection (usually $125-175 bucks per inspection paid by you) - this is important since you have to have the cash to front the initial first phase of rehab and you will get "reimbursed," after its completed then on to the next phase.

They do it at increased costs, so if you have the money to use a "normal" HML that requires skin in the game in the form of a down payment, you will find better profits - but perhaps at the cost of cash-on-cash return.

I’m mostly trying to figure out where and how I can get the practice before putting full skin in the game.