Other alternatives are selling the property to purchase a stick built rental,  something that will appreciate more and qualify for traditional lending.   

Traditional owner occupant mortgage with 5% down How did you add value to the deal?

Read Rich Dad Poor Dad if you haven't already.

So I decided to go online to find out what rich people do with small sums, like $10K.A Kris Kohn video appeared and he mentioned that you could buy a small business and possibly put only $10K down.I’ve found a few websites that caught my eye and there was a Pizza Place that appeared in my area.Now, I have significant knowledge working in an industrial kitchen because that was my primary job in the military, so I know what everything should look like, but I don’t have a lot of knowledge about a civilian Pizza shop directly.  

If you have yet to read a book on real estate or find that the idea isn't really for you, then I recommend you start with 'Rich Dad Poor Dad' and 'The richest man in Babylon' since they are both written as novels but can help change your mindset.Good luck.

Is there an allotted time that must pass after a cash purchase of property to finance out into a traditional loan?  

Regarding the CapEx, I don't think your figure is too high given our traditional housing stock. 

I partnered with my brother and used traditional financing, so it helped being able to split the down payment.

I’m relatively new to the idea of investing in real estate because I’m going to be the first in my family to choose this path over the traditional factory 9-5 job.

You want to do something to get started.But, here's the thing, STRs are a mash up between traditional rentals and the hospitality industry.