-Studying legal conventions where you do business is a key to this business. 

Our Investors look at the asset opposed to bank underwriting where the income and credit of the borrower are used for qualification like a conventional loan.

But now since the interest are better than what I currently have(probably about .50 to .75 point)I am leaning towards just a refinance to lower monthly payments and get rid of PMI on the FHA and go Conventional.

Conventional loan How did you add value to the deal?

Condo is $212k, located in CT, and I'd be covering mortgage payments.While I have the cash to go the standard 20% down on a 30yr conventional (pre-approved by Key Bank in CT for 3.125%), given the current market state I'd like to see if there are any options where I put less $ down and keep more cash on hand.

If you are going for a single family house and going to house hack the rooms out, just my opinion but I'd rather get the financing through a conventional mortgage because if it is your residence and is a single family you can get those down payments as low as 5%. 

MLS- we negotiated by eventually offering 55K cash instead of our original plan of using a conventional loan and paying 65K.

The rent of the 2nd unit only covers the conventional loan.

If it is worth $250k and you take a conventional mortgage you would be mortgaging 75-80% of that which is $187-200k. 

Lack of capital - Successful newbies: use FHA or Low-down payment conventional financing; Find a co-signer; Use 'gifted' funds for down payment; Save capital while working on their market knowledge and resources.Lack of market knowledge - Successful newbies: Use resources like BP and local meet-ups to stay current with market activity and trends.Lack of resources - Successful newbies: Partner with a local team of professionals - Wholesalers, investors, Realtors, lenders, attorneys, etc.