Knowing where you want to go begins with knowing where you are, and with that in mind I reached out to a national bank just to see what kind of mortgage I could qualify for and how I would best improve my current situation in case I needed to use conventional financing.My credit score is mid-700s, about $15k in consumer debt (which is coming down).

Philadelphia has a lot of great investment opportunities since the city has a ton of blighted inventory, often with title issues or zoning issues to resolve, and also a ton of vacant land. 

Now I go by weekly to check on their inventory and take them a little goodie.

The out of state lender, I am working with, told me that if I obtain a conventional loan then transfer the property to multi-member LLC at a later point, that might violate the ownership stipulation that was made at the time of the loan origination. 

They agreeing to findings.2. complete repairs found by inspection and deduct from deposit3. clean carpet if they don't provide a receipt from a local, professional cleaner which is the condition they received it in. deduct from deposit if they didn't.4. if a pet was allowed, they must turn in a receipt showing it was treated for fleas. if If they dont it comes out of the deposit. if any damage from pet they're given an estimate of repair and sign an agreement that they will pay any excess not covered by deposit.5. touch up painting as needed, filters changed, fire alarm batteries updated.6. get keys from tenant and change locks. old locks go into inventory to be used in other properties.7. return their deposit with a letter documenting what expenses were paid out of it and a notice that they are welcome to return if they were a good tenant. they can use the statement for their future landlord as well. if they were not a good tenant, they go on a do not rent list for future reference with a copy of mive.iut inspection signed by them indicating damages and/or non-compliance behavior.

I would definitely go with a conventional mortgage first.

I would only go this route if you can't qualify for a regular conventional mortgage or if you don't have someone you can privately lend from.

So the job loss will hurt you for conventional financing.

flipping" is the business of buying a house(inventory) fixing it up and then selling it for a profit(hopefully).Since you are buying and selling inventory.

It is correct for conventional loans you must have 6 months of ownership.