I would expand the basement and maximize the property so that you can turn it into a cash flow positive asset and refinance it into a conventional loan and then re use the FHA.

Funded by me through a 20% down conventional loan How did you add value to the deal?

I'm looking for a good lender for one myself, since conventional financing will only look at 2019 and 2020 tax returns and I made a lot more money in 2021. 

Get on his payroll, learn the renovation side of properties, save up some more money, and then buy your first property with a conventional 5% down loan.  

I'm completely self employed which is why I was struggling getting conventional financing to buy my own property.

A local lender I was talking to had a couple options for me for a portfolio loan which is a loan the bank will keep and not resell like a conventional fannie/freddie loan.

Please comment on this, because I would much rather have a 30 year conventional fixed loan rather than a 5-7 year fixed (20 year ammortized) with the need to reapply each term for my properties. 

Generally speaking if they are all CA SFRs, rented and/or all income is fine, credit is good, and looking to go conventional, your rate should be in the low to mid-3's depending, even for cash out w/probably a pt or 2, depending on how the loan is structured. 

Conventional How did you add value to the deal?

Finance options: home equity loan vs conventional??