After speaking with him he said to expect a 4.2-4.5% interest rate on a conventional loan with 5% down.  

I didn't use hard money but conventional financing.

Basically walking distance to convention center. 

@Hardik Patel It's mostly a university town and we found a limited inventory of medium to large multi-family in Provo.

Thank you maybe Ill just try the ifunding construction loans and then refinance conventionally.

People use HML specifically to buy foreclosed/distressed properties that are too junky to put a conventional mortgage on them!

This will expose you to more non-conventional investment deals that will put less emphasis on your credit score.

I live in a very rural area north of Asheville, NC which does not have much going on as far as real estate movement so I’m looking at other areas.Asheville is hot right now and has set record sales/prices for 2015.This has put the little inventory that is available out of my price range.Asheville would be my long term goal.According to Zillow (which I’m not sure how accurate it is) market health index for Asheville is 9.4/10.Other areas I’m considering are Greenville, SC (market health index 7.8/10 ) and Johnson City, TN (index of 5.9/10), both with more inventory in my price range.Asheville is 35 minutes from my house, Greenville 2 hours, and Johnson City 1 hour.I have made contact with a realtor in the Greenville area and that area really looks like it has potential.I am a Nurse and my wife is a Physical Therapist so we have W2 income and would not need to live off flipping.I also have 3 days off a week to manage rehabs, plus downtime at work for research/studying markets.

Near Gannon, there are many restaurants in old 1800's buildings, a city park that hosts special events, a convention center with flagship architecture, a community playhouse that performs Broadway plays, the Warner Theater which hosts various performers and the Erie Philharmonic Orchestra, an art museum, a civic center that is home to the Erie Otters (ice hockey) among many other events, a ball field that is home to the Erie Seawolves (minor league team), and a Starbucks on 5th and State St.

This allowed me to buy the property on a Fannie Mae conventional loan with 5% down and I only had to come out of pocket $3800 total.I closed on the home January 2015.