We likely would not qualify for a conventional loan because husband’s credit score needs some love, and my DTI alone would be too high (our personal home mortgage is under my name).

You are allowed to have up to 10 conventional mortgages, so as long as you live in the house for a year, you could continue this process until you have built up a pretty nice portfolio of cash-flowing properties.

After renovations, I purchased the house with a conventional loan back from the cash offer individual with 3% down.

@Brady Wortman-An llc can not get an fha loan, or a conventional loan-yes, a 203k option would work for you.

This will be owner-occupied however I was told a conventional loan would be best because I have a business (sole proprietorship) that reports a net loss for last year and this will lower my income if I go with a FHA loan.

If we buy the property using a conventional mortgage, how would we finance the two houses/duplexes that we would build?

Just being honest the odds of not only finding a condo but finding and close on a condo via conventional financing between today the 10th and Dec 1st will be borderline impossible.

The current loan is a VA loan, so I'm additionally debating between keeping it a VA loan or transitioning to a conventional loan. 

The issue there is going from a FHA to a 20% conventional.

Now that Fannie Mae and Freddie Mac no longer allow a mortgage on a purchase within an LLC, how can we get a conventional loan?