FHA would be a good choice if you want to pay as little down as possible, but if you go conventional, you'll save some $$ b/c of lower rates and no mortgage insurance.

Originally, I was locked in at 3.125% with UWM (united wholesale mortgage) but rates went down further and UWM didn't want to unlock me so my mortgage broker switched lenders to Plaza home mortgage for the 2.75% rate.On one of my other 4plex's that's NOO (non owner occupied) I'm refinancing out of a VA to a conventional 75% LTV mortgage so I can restore my VA entitlement in order to use my VA for a 3rd 4plex this year and I'm locked in at 4.674% but I'm thinking I should hold out a little longer for rates to drop further. 

If its primary residence, the loan can be conventional/fha/va and with "lower" down payment. 

As I look for my first investment property, I know I don’t have the cash for a conventional loan and my plan is to raise private money.

Conventional loan How did you add value to the deal?

I have enough for a 3.5% DPProblem 1: I have a job but no W2 income BUT am currently switching into a W2 at the end of the monthProblem 2: Dont have the 10-20 percent DP for the property for a conventional DPProblem 3: Holding costs for Hard Money for a few months until Bank accepts my new “W2 Job” for proper mortgage financing(I am aware there will be some time for proof of consistent funds from new W2 job to getting the FHA mortgage)*And yes I know about PMI with FHAIs this a strategy that sounds reasonable or am I making a bad decision?

I heard from some people a Conventional loan is better if you can but never a real good reason.

They're much closer to operating a business, than to owning conventional real estate investments, unless they are leased to an operator.

I have enough for a 3.5% DPProblem 1: I have a job but no W2 income BUT am currently switching into a W2 at the end of the monthProblem 2: Dont have the 10-20 percent DP for the property for a conventional DPProblem 3: Holding costs for Hard Money for a few months until Bank accepts my new “W2 Job” for proper mortgage financing(I am aware there will be some time for proof of consistent funds from new W2 job to getting the FHA mortgage)*And yes I know about PMI with FHAIs this a strategy that sounds reasonable or am I making a bad decision?

One of my clients is BRRRRing using hard money for his initial purchase and rehab costs, and then refinancing out with conventional loans when he's done.