Maybe do a 3 year term giving you 3 years to be able to raise the rents & stabilize the property for conventional refinancing. 

So in the worst case, I'm living for free.Other variables: It's a 1-acre lot that's zoned for multi-family and has enough leftover space that I could use someday for a triplex or just divide it and sell.New roof in 2019, new hot water heater and HVAC within the last 3 years.The utilities are combined so I'd either have to include it in the rent or work out another solution.I think I can get it at $120,000 with either 15% down on an investor loan or 5% down on a conventional mortgage.Taxes: $950Insurance: $1200I would manage it myself for now.In my various scenarios, I either run $1000 a year for expenses for living in the main house and renting out the MIL suite or up to $3000 a year in expenses for the student rental scenario.

I have a conventional 30-yr mortgage on a home that I qualified for with proof of job income.

My wonderful wife and I bought our house for 181k two years ago, since we have made some terrible financial choices that leave us blocked from conventional loans (large CC debt, being fixed but two years till in the green).

If you do build up equity over a short period of time, I would rate and term refinance into a conventional loan, and then move and use the VA loan again.

Aside from the regular MLS such as Realtor.com, here are some options:HomePath.com for REO listings, Auction.com (properties listed there are sometimes eligible for conventional financing), Xome Auctions, LoopNet (perhaps not the greatest resource but look anyway), Hubzu although it can be (tedious and confusing), also check your city or county website for auction properties ( a very few may be eligible for conventional financing), HUD Homestore (another tedious process but worth checking)ForSaleByOwner.com (search your area, not all properties listed are on the MLS)4SaleByOwner.com (ditto)Craigslist Toledo OH, real estate for sale by owner listings (beware scams, but sometimes good things show up)Facebook Marketplace for Toledo Ohio, there is a real estate sectionLocal bulletin boards- post a free ad saying what you are looking forBigger Pockets Marketplace!

If you think you will go FHA, Conventional, FHA 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

You're "delaying" getting financing.There is no waiting period to refinance a hard money loan into conventional.

The purpose of the FHA loan is to increase home ownership for those who would not normally qualify for a conventional loan.

Yes, I would assume this type of loan is the main form of funding for commercial deals, but I also assumed that any SFH investor would need this type of loan at some point, once they max out at 10 conventional loans?