As a Military Officer, Take Charge (of the Household) and Move Out!

Does anybody have experience getting an FHA loan for 2nd property while having conventional loan in place on 1st property?

Many investors put their first few properties under their name to get the conventional loan mortgage rates. 

I require last month's rent, first month's rent, and any other charges prior to move-in.In my early years, I allowed people to make payments maybe a dozen times.

Should I use a HELOC, Home Equity Loan, or keep saving until I can make a down payment for a conventional mortgage?  

@Robert Kough, I have a friend that does exactly this: buy plex, live in a couple years, after some fix up and market appreciation, refi with conventional, freeing up VA for next purchase. 

I don't charge any deposit with my 24 STRs with 84 beds. 

@Lane Kawaoka I think this is another great question for @Omar Khan as long as he doesn't start to charge me for this one?

Brendan, I am not knowledgeable about FHA or conventional residential financing, but I think you need to meet your FHA obligation, which may involve living in it for at least a year, and the refi lender may want seasoning of 6-12 months.  

You would evaluate your holding costs at the much cheaper FHA 203k interest rate or conventional loan interest rate, if you wanted you could inflate your return by assuming you would have paid $x in rent per month as well other than that it will be pretty similar.