How soon can I qualify for conventional loan and can I time it for purchasing the property that I am in due diligence period?

My retirement account is a Florida state retirement fund (so, I would have to quit my current job and possibly pay taxes and applicable penalties on the 70k and, there is a 3 month waiting period once employment is terminated).  

The property would have to have some kind equity or be so upside down the bank would do a short sale otherwise why would the owner sell.If you have a way of identifying the property I would give it a try but don't be surprised if you have to kiss 100 frogs to find the prince.

However, if you do not become current with your payments within the 30-day period, the seller may start a forfeiture action against you.

So in short, I thought this would be a good place to start.

Reverses can work with timing issues, needs for construction or improvement or if you're wanting to double dip appreciation and cash flow for a period of time.  

@Daniel FierrosThe rules for short term rentals in any market are in the spotlight because of the success of AirBNB.

For the short term we are looking to flip a house(s). 

Of course, turnkey is not meant to be short term, so the rapid exit strategy is hypothetical.

My goal is to gain another form of income, both short and long term.