Right after I told my family about the deal, my dad reached out to me by surprise and told me he'd be willing to lend me the money to enable me to use a conventional loan.

If the applicants are straw applicants or non-existent then the remaining tenants might not meet the income requirement and/or you could end up with a situation where a straw applicant has enabled criminal elements to occupy the unit.Sally, Joe and Eric apply for your unit, they pass and you rent to them.Later you find out:Sally and Joe moved in with Bob.Eric isn't a real person, he is a made up person, a stole identity basically, provided to you to pass the application screening.andYou find out that Bob is setting up a meth lab in the basement of your unit.I don't think that's ok as long as the checks clear.

I appreciate your feedback and though he may be upset with me about it, I am going to make sure we are braking enough to thoroughly evaluate not just how great the numbers appear initially on a deal but how quickly/does it enable us to get to the next deal! 

If required, the lender can do supplements to the credit report for any updates?

My goal with real estate is not to quit my job (I love my career in medicine and plan on sticking with it), but rather to supplement my income.

Maybe try and buy an investment property in area X and rent a place in Staten Island and use the overage from your BAH to supplement the investment property. 

I had to supplement the extra $23K but it was worth it to avoid taxes on the first property.$50,000 rentalThis property we purchased for $125K with the remainder of the 1031 Exchange turned into a bigger project than expected.

My goal in starting passive income is to supplement my wife's income x2 so she can stop working and then I'll continue to work so we can continue to build.  

I graduated in 2015 with a Finance degree but went the entrepreneur route to learn new skills and build other income streams that can supplement my job and lead me ultimately to financial freedom.

Your equity is returned during equity events, i.e. supplemental loans, refinance, and primarily sale.You can certainly earn more doing your own deals, but the beauty of syndication for passive investors is just that, the passiveness.