Any thoughts on if I should possibly do a conventional loan and purchase a single family that I believe is undervalued?

my understanding is even if you only do one flip during your lifetime and have a day job, you have to pay the fed/state/SE tax.it's inventory. buy it, fix it up, and sell it. that's a business - not a stock.that's how the IRS would view it, IMO.

Also, there is a plentiful inventory of homes ranging from the 1920s to the 1950s in Miami.  

You might also consider other wholesalers as ways to get inventory.  

So here is how it went: The listing had expired, so I contacted the bank directly as a Realtor and the "standard" commission at the time was 7%We put in offer on the house for $22,000We were going to go for a 95% PMI Conventional Mortgage, which of course meant we needed 5% Dn Payment.I used the commission agreement as my down payment, and got a check back at the closing for 2%.We moved into the property as we rehabbed it, which took about 3 years (we were actually not in a hurry to sell it).

You need to find out who the agent is and talk to that agent.If there is no agent, yet, the bank is inventorying the house for now until it is ready to put it on the market. 

True, you can get into a 2-4 units for less, just like a sfr conventional loan.I like 5+ commercial loans even though the LTV is higher, the DSCR demonstrates the property IS self-sufficent (aka cash flows and that was my goal in REI). 

Although it's a bit less conventional than buying a house and then renting it out, I believe it helps a lot of the younger professionals, college students and interns find a relatively more affordable optionI'm looking to learn more about real estate investing, as well as share knowledge of managing properties and dealing with tenants.:)

I forgot to answer your other question both homes have mortgages one was 100% conventional back in the day.

Im simply not familiar with it, Ive mainly always used conventional financing.