You could purchase the first one for cash and the second property with a loan.

Your best options are usually local or regional banks (they love working with operators who already manage rentals), agency small-balance loans through Fannie/Freddie if the property is stabilized, or a bridge lender if the building needs work before you refinance.The easiest way to get real options fast is to talk with a commercial mortgage broker and a few local bank loan officers.

On top of that, VA loans are great for buyers but they aren't always attractive to sellers due to stricter property condition and appraisal requirements than other types of loans and obviously they are not nearly as attractive to the seller as a clean, cash offer would be. 

No credit score loans are possible, but as you noted, the rates are not nearly as good. 

Start with local community banks, most offer construction loans.

Running the #’s and again not sure if I’m doing this correctly, but with and owner financed loan of $384,750 and a 5.5% fixed rate over 30years the ARV of $445,000 and rent coming in at $2,100 I’d be cash flow negative -$945.00.

It can also be a red flag for the back-up lender.But to answer your question, I did fund a loan within about 18 hours.

The idea behind the purchase is a FHA loan 10% down payment for a primary resident and live in one unit while renting the other units. 

Save for 5% down and use a conventional loan so you have fewer hoops to jump through. 

These are called chattel loans.