The speed of closing is what will get you the deal over others using conventional financing.

I say 7 months, because on a conventional loan (Fannie/Freddie) you must be on title for 6 months before you can do a cash out loan. 

We are trying to see if there is a way to get rid of PMI ($324 a month) and lower the interest rate by refinancing with on a conventional or other loan product.

Hawaii does seem to be impacted more given it is a pure flyto destination and people are flying much less now.Separately, many of conferences, meetings, and conventions have been postponed or cancelled.

Maybe do a 3 year term giving you 3 years to be able to raise the rents & stabilize the property for conventional refinancing. 

So in the worst case, I'm living for free.Other variables: It's a 1-acre lot that's zoned for multi-family and has enough leftover space that I could use someday for a triplex or just divide it and sell.New roof in 2019, new hot water heater and HVAC within the last 3 years.The utilities are combined so I'd either have to include it in the rent or work out another solution.I think I can get it at $120,000 with either 15% down on an investor loan or 5% down on a conventional mortgage.Taxes: $950Insurance: $1200I would manage it myself for now.In my various scenarios, I either run $1000 a year for expenses for living in the main house and renting out the MIL suite or up to $3000 a year in expenses for the student rental scenario.

I have a conventional 30-yr mortgage on a home that I qualified for with proof of job income.

My wonderful wife and I bought our house for 181k two years ago, since we have made some terrible financial choices that leave us blocked from conventional loans (large CC debt, being fixed but two years till in the green).

If you do build up equity over a short period of time, I would rate and term refinance into a conventional loan, and then move and use the VA loan again.

Aside from the regular MLS such as Realtor.com, here are some options:HomePath.com for REO listings, Auction.com (properties listed there are sometimes eligible for conventional financing), Xome Auctions, LoopNet (perhaps not the greatest resource but look anyway), Hubzu although it can be (tedious and confusing), also check your city or county website for auction properties ( a very few may be eligible for conventional financing), HUD Homestore (another tedious process but worth checking)ForSaleByOwner.com (search your area, not all properties listed are on the MLS)4SaleByOwner.com (ditto)Craigslist Toledo OH, real estate for sale by owner listings (beware scams, but sometimes good things show up)Facebook Marketplace for Toledo Ohio, there is a real estate sectionLocal bulletin boards- post a free ad saying what you are looking forBigger Pockets Marketplace!