Hi @WIlliam Hernandez,another great loan option is the Fannie Mae HomeStyle Renovation loan.  

Holy molly being a landlord is 100x easier then being a property manager.

I wonder if this is the standard procedure with Fannie Mae?

You can refinance out of existing loan into a conventional fannie mae or freddie mac loan now if you prefer, I believe you meant to say you purchased in 2015 right? 

They can be bought as a 2nd home using standard 2nd home rates through Fannie Mae & Freddie Mac with 10% down.

Fannie Mae is looking at ways to ensure that people saddled with college debt can still buy a house. https://www.usnews.com/education/blogs/student-loa...If the student loan situation gets bad enough, I guess the government can resort to garnishing people's checks. 

I am in escrow for a Fannie Mae repo and on the forms it clearly stated that if I was not owner occupant and claimed I was then there could be a fine up to $10,000, plus prison time.  

Fannie Mae expressly permits renting out a property secured with 2nd home financing.

@Justin Michael Johnson Keep in mind that if you are going for some type of agency loan (Fannie Mae or Freedie Mac) , then they will have requirements that you have: 10% liquid funds of the overall purchase price, a net worth amount equal to the entire loan amount and experience in operating multifamily.As @Greg Dickerson recommended, you can bring on a partner to satisfy those requirements if you do not meet them yourself.

As I get closer and closer to that coveted first 25k (thanks for the book Scott Trench) i started thinking if I would even qualify for a FHA loan or down the road for a conventional loan.Then all of a sudden last night I read a few blogs basically in summary that said because my payment is $0 a month I WOULD be able to qualify for a conventional mortgage let alone an FHA one - thanks to Fannie Mae's new update to this in 2017.