That's probably the best option.

Now that I have graduated from Winona I would like to branch out and see what options there are out there for me to become financially free.

typically a BRRRR property is so distressed that it's not possible to purchase with conventional financing - so the usual options are actual cash from your own checking account (if you have it), or private money or hard money. 

We are preapproved and ready to get going but need to explore our options and get as much good advice as possible. 

It may be worth speaking with a different lawyer or financial advisor to get a second opinion and weigh the pros and cons of each option before making a decision.

I initially selected an option that does not seem to apply and have not been able to make a change.

Since as inventory of rental options decrease, the demand for those that effectively operate as AirBnB's should theoretically increase. 

If you have a lot of equity you have options.

You have options!

Along with the FHA loan, check out the loan from the Neighborhood Assistance Corporation of America (NACA).NACA was formed in 1988 and provides an affordable option for potential first-time buyers:✅ No down payment✅ No closing costs or fees✅ No mortgage insurance✅ No consideration of credit score✅ Below market fixed interest rateThere are several requirements to be eligible, starting with attending one of their workshops.https://www.naca.comI wish you all the best.