The tricks are going to be finding a local community bank that will allow you to do C/O Refinances with a 75-80% LTV and buying deals where you are all in for less than 75% of ARV.

Under that same description you will also find lenders that will approve you based on bank cash in flow, if you are self employed, rather than your net income on your tax returns. 

If your using financing the bank requires this.

You or your agent should let them know you are patient and are happy to sit tight to see what the banks valuation is and if the short sale works out for you.

A few other banks I have talked to have all told me the same thing, 25% down for multi families.

Are you prepared to investigate where your tenant works and/or holds bank accounts so you can start a garnishment? 

Unless vets are considered to be so special that credit scores do not matter a 500 score will be no where good enough for any conventional bank loans.I would rent, with luck you may find a mom and pop landlord that does not care, then work to repair your score over the next couple of years.  

I am in the Chicagoland area trying to do a BRRRR Strategy and having some problems with the lender, First Midwest Bank.

My biggest concern is I have had 3 jobs in the last year not making a whole lot (about 20,000-30,000) and with the upcoming job changes I don’t think the bank will like that.

For financing, am I on the right track with who I've talked to already, or do I need be someone who throws leverage to the wind and simply keep a fat wad of cash for PP+Rehab costs in my bank account until it's time to use and simply skip financing all together?