@Trevor Carlson - Yeah, if you are using traditional financing (FHA, Conventional, VA) and are applying for the loan as a primary residence (not an investment property) one of the stipulations of most all lenders is that you take occupancy within 60 days.

Make sure you are talking about portfolio loans and not a conventional fannie/freddie loan.

Conventional How did you add value to the deal?

If you're looking to buy and hold something, I would consider leaning towards a conventional loan as opposed to FHA if you are looking to buy a 1-unit property and can qualify for it - generally a lesser APR on conventional loans.

I’m not familiar with the conventions here for discussing specific deals.

This would be conventional financing. 

I'm looking to fund my investment with a conventional loan or go the route of FHA loan.

After upgrades are complete the plan is to refinance into a conventional loan and load up for a new deal!

Do you have the capital to refinance your current home using a conventional mortgage?

Finding a property in a B-class neighborhood at 140k is almost impossible but a C-class neighborhood you can find that needs a lot of workAn FHA loan is really strict when it comes to buying a home that needs TLC so, I recommend getting a conventional loan at      3%- 5%.