For reference, here is a table of Fannie Mae's loan level pricing adjustments applied to the base rate in the form of points: display (fanniemae.com)Of course then arm vs fixed and whether or not it is even a conventional loan come into play on top of those variables. 

You MIGHT get 20% down from a portfolio type of a loan but then you should expect the rate to be about 2 points higher, or a 20 or 15 year term, or an ARM, or maybe even all 3!  

Mix it up between-Banks-Credit Unions-Mortgage companiesAsk to speak with the Loan Officer, present to then this deal, your down payment, and excellent credit score they should welcome you with open arms...and experience or atleast have a partner/team ready.

Aside from flipping homes, I feel there is another avenue aside form flipping houses that may yield a better return such as forced equity in multifamily. 

Caveat:  The rate is higher than conventional, usually in the high 7's on an ARM with points.Hope that helps.Stephanie

The reason is the loan docs showed it was to adjust 3 months sooner than calculated date from April to July on my 5/1 ARM.

My wife and I bought our house about 3 and a half years ago with a 5/1 ARM loan.  

I may be getting my first ARM soon (8/1 ARM on 30-year amortization, rates between 6-8%) to fund a quadplex, as it is currently my only option for financing this.What are some of the pros and cons of using an ARM instead of conventional fixed?

I doubt any bank will make you find funding elsewhere or force you to refi, although I guess its technically possible. 

The city will actually force you to evict tenants who've been proven to be doing that type of stuff & as a landlord it would be required by law for you to act.Outside of that though you aren't a cop or detective.