I've found that trust is one of the biggest factors that can make your loan process go smoothly.

Did you factor in Management fees (it will be more for a vacation rental), cleaning services etc or are you planning to have family and friends help you manage from OOS?

All of these have their main meetings monthly.

Less than 5 doors and rent income is not a major factor as long as you meet the debt service ratio.

So I’m looking to buy my first deal, at the moment I don’t have the capital to pay cash for a $60k property, I have been looking at getting an FHA loan, doing the rehab, putting a renter In place, and hopefully be able to refinance with a traditional 30 yr mortgage, I have the cash set aside for a $15k-$20k rehab, so my main thing is does this make sense to do?

I feel it's a good question because understanding the causal factors may give us a window into more of a predictive world. 

Private loans aka asset based loans are mainly about the property not about you.

Daniel,There are a lot of factors to consider for this, but it is definitely much more feasible than converting a 2 family to 3 family.

Totally updated on the main floor with dark bamboo flooring and white trim. 4 bedrooms upstairs, with new paint throughout.

Tenants receiving letter from "XYZ Properties LLC" rather than 123 Main Street LLC.