im looking into other alternatives for purchasing as well as i currently do not qualify for conventional financing.

Conventional through local credit union How did you add value to the deal?

Then we effectively double the # of conventional loans allowed. 3.

Looking for a loan to build equity by adding an ADU or an addition to the house, refinancing by april/may into a conventional loan and hoping to take the PMI off.

I want to refinance into conventional loan to get rid of PMI but my loan officer told me their max loan to value is 75%.

Most conventional lenders do not offer such loans.Leading national providers include:First Western Federal Savings in SDNorth American Savings Bank in MOSolera National Bank in COTitan Bank in TXWhen an IRA uses mortgage financing, it will create taxable income in the form of Unrelated Debt Financed Income (UDFI). 

Here is my plan: - Purchase a distressed SFH using a conventional loan (5% down)- Live in that property for 6-12 months while rehabbing it- Cash our refinance - Purchase another SFH as my new primary residence and plan to live there for 3-5 years- Rent out the initial SFH and cashflow a reasonable amount - Continue to save money from working + build equity in the initial SFH- Leverage a 1031 exchange to sell the initial SFH for a distressed multi-family property (using my own savings to supplement the down payment)- BRRRR that multi-family property and keep repeating from there Here are my questions:1) Would I be better off forgoing the two SFHs altogether, and continuing to rent an apartment until I have enough money saved up to buy a multi-family property as my first investment? 

Year 2.5 Refinance into a conventional loan and use my VA loan on another property and repeat until I have 5 properties or the VA says they have had enough of me. 

That I should go for a 5% conventional loan.

@Brad Hammond we can also refinance to get rid of the PMI to a conventional loan correct?