Not only that I have a family to consider and my children would did not dig it like I would.

What I mean by that is the house was a $50k house and did not sell conventionally but then sold $70k owner financed.

Use a lender credit to keep the costs down and wait 6 months to refinance back to conventional when everything is complete.

Hey William,I just closed on a 4-plex in Portland and if you're considering the owner-occupied route, I'd suggest going with a 5% conventional loan instead of FHA (like I did).

Looking for advice...I'm currently refinancing out of my VA loan at 2.75% to get a conventional 30-year at 2.875%.

One thing I can recommend, since you are a contractor, is to document the projects that you work on.. these can start build up your track record, show the results and your knowledge of the renovation process (which is essential for Flips and BRRRR).Lastly, based on your financial situation, more conventional financing might be a good idea to get the ball rolling. 

I don't know where you are, but the majority of the country is seeing double-digit increases in rent rates and demand is high.

We obtained conventional financing with 25% down.

If you want a 30-year, fixed rate, conventional mortgage, your DTI ratio will be taken into account, and as you mentioned you'll run up against it without additional income.  

@Michael Luo Even with a conventional cash-out refinance, most lenders will let you take 75% of your equity out.