We also, recently purchased our first investment property (conventional 20% down) as well.

If you give them equity, you also give them risk and those that are investing in me would prefer to be segregated from that.If you're doing conventional cash out-refi's and are able to put their money to work for them twice per year (timing things perfectly) that's really a 12% annual return for them.

Thinking about this, with 10 conventional loans, you have the potential to buy $10 million properties.  

I closed on a house hack using a conventional loan in March 2020 with a rate of 3.625%.

What rates are yall getting for conventional 20 or 30 yr fixed?

Although the price leap seems unlikely amid double-digit unemployment, you can plainly see that this trend reflects the uneven effects of the coronavirus and its economic fallout.

I don't know how bad it is, but below 680 and you may not get approved for non conventional financing. 

Buying multiple VA homes in the same town is complex, unless you can refinance into a conventional with the first property. 

@David Niu You mentioned in your first post, that you were going to get a conventional loan with only 5% down.

Since you already own the dirt, you only have the construction costs to generate the additional income and my experience shows the return of principle back in 5-9 years with about 7 being average which equates to a double digit return on your investment and all along with additional future equity as gravy.As an example, I have a client who owns a rental unit in Sherman Oaks where I am building a 2+1 ADU for him for just under $150k which will rent for $2200+.