Hi I am looking to do a seller financing deal on one property and then take out a conventional loan from a bank for another.

Private lenders have different terms and if you are going to B&H you will need to consider your seasoning period prior to refi into a conventional loan.

One is a conventional loan property (townhouse) located in California and the other is a VA loan (Im active duty) here in Hawaii.

I would stick conventional, and consider house hacking as some of my colleagues suggested above.

*Offer 2: $180,000 contingent upon conventional financing, no inspection contingency, must close before the end of the year.

In the conventional world, most of the calculations are the same, but there are many that don't do it correctly. 

Yes I was doing 70% because my conventional lender does 70% LTV for 2-4 units and 75% on single family.

I am speaking with the loan officer I used for my current loan, and he said the following:"With a conventional loan going from a rate and term refinance to a cash out, you can refinance whenever you'd like with no seasoning requirements.

What would be the issue with getting a conventional loan, rehabbing, renting, and refinancing?

Homes around us are selling for low 900s and we have 647k remaining to pay on a conventional fixed loan.