I know the terms for investment loans are different and usually require around 20% down, but I'm assuming if I can qualify for a regular (owner occupied) loan, I could also qualify for a conventional investment loan?

I am working to get pre approved for a conventional loan to purchase and potentially fund the rehab/holding costs but that student debt is hindering me.

I have above average credit so most conventional institutions are only supplying for primary at 80% which does not help.

For HouseHackers, Loan Officers, and anyone with expeience using either of these loans: what's your view on using a 3.5% down FHA loan vs a 5% down Conventional loan?

If I want to do a boring old conventional loan with some light rehab for my first deal, I’m in the world of inspection. 

I originally thought I would find a, owner occupied conventional loan for purchase then hard money for the construction then refinance once it is all fixed up.

That is the rule with conventional.

You do still have the potential to purchase long-term rentals conventionally (because they'll count 75% of the income from the new acquisition) and to purchase short-term rentals where the appraised long-term rent is sufficient to offset your mortgage (this is harder because Airbnb properties are usually nicer than long-term rentals and, in turn, wouldn't make for great long-term rentals because they won't cash flow).  

Conventional Loan and Borrowed money from 401k.

Conventional loans in Texas would not require you to carry your spouses debts.