However, thinking realistically with my upcoming new job and finishing school, I probably will not have time, nor the energy for sweat equity, so I am thinking I should buy and hold to build equity, as opposed to focusing on building cash flow.I am aware there may be things I have not considered - so I am humbly asking the question --- What would you do if you had access to VA, FHA and conventional loans, approx 20-30K capital, good credit and low DTI?

I had it framed by a contractor, then finished in-house by my crew (siding, insulation, etc) and a door installer put in the door.  

I started getting lots of pressure from my work - they were asking me about my dosages of medication and when my treatment would be finished.

Use the equity to purchase then refi once I have the mfh filled or finished as far as the remodel

That's for things that are truly unusual, like a sauna room or finished basement. 

I'm weighing FHA vs seller financing and haven't finished the models yet, but i'm wondering if this strategy is possible, because i'd obviously love a second acquisition (FHA or not).Thanks All!

Just finished my first renovation and am looking for my next project.

Also be careful because there are situations where people don't finish work as promised.

HI Chris,Yeah the option would be to utilize a 203k FHA loan or a Fannie Mae Homestyle renovation loan the only down side is that the FHA 203k similar to a regular FHA loan has self sufficiency requirements on 3-4 unit properties so if you're in a area where rents are high relative to price then you could be good otherwise you might not be able to meet the rule and use 203k to finish off your repairs to the unit.The other downside is if you used home style reno loan is that you'll need 25% of loan to cost as a down payment (acquisition price + rehab).With the Home possible program the units have to atleast be habitable shape.

The house is 3 level but the basement is not finished, it has a walk-out, electricity and AC, plumbing rough-in for full bathroom - in fact it used to be a fully finished basement but everything was told bare due to water damage a few years back.