It is not inconceivable in my opinion that a conventional loan may in fact take up to 60 days to complete after October 3, 2015.Google Search TRID...you can get the full details and impacts on the process there.

@Eric Hathway An individual can have up to 10 conventional mortgages.

That information probably comes from if you want to purchase a multifamily property with a low-money down loan (like an FHA loan or a 5% down conventional loan). 

I chose to venture down the path of a real estate agent because it requires less money to start-up... and it becomes very difficult to qualify for conventional loans without a solid employment or credit history. 

We are low on inventory because we did not build for 5-6 years. 

@Austin Faux what is it that is keeping you from getting the conventional loan and financing.

Inventory is also very low.

Rehab the property with our own cash out of pocket and then my question comes with refinancing the property to a conventional 30 year loan.  

If you have the cash to buy at the foreclosure auction, start looking on the MLS for properties that don't qualify for conventional financing.

@Matthew Spiers If you don't have 2 yrs of consistent earnings then its not going to be possible to get a conventional confirming loan.