Ultimately I came to the conclusion that the real estate taxes on the IL side and lower inventory make it darn tough to make work. 

However, with excellent credit,  why not just use a conventional or private lender  

I am a little worried with investing in SFR in Las Vegas, as the market does seem to be cooling off a bit though with rising inventory, but I guess that could be a good sign for buyers? 

I did an FHA on a single family, lived in it for a couple years, refinanced into a conventional and rented it out for a year.

Are you financing conventional? 

After talking with @Rex Celle I decided I would go with a traditional conventional loan to purchase this home......If using a conventional financing my focus is to use them on multifamily properties.

I see continued strength in the tech market and continued failure of local govt to keep up with housing (although Mountain View itself is bringing A LOT of inventory to market).

It will be a three day auction at a convention center.

I’ve used my home equity line for down payment and conventional mortgage for the balance.

We plan on house hacking the bottom unit while we do the repairs and within the next year or so, purchasing another multi-family property to wash, rinse & repeat.Financing was done through Navy Federal Credit Union, where we were able to put down 15% on a 30yr conventional @ 4.5% interest rate - with closing costs, we're looking bringing ~15k cash to the table.