I need some advice. First, let me say that I toyed with the idea of investing for years but now am giving careful thought. I know that there is plenty of information on the questions that I am asking and I plan to do plenty of reading and studying but unfortunately I am in a pinch for time. Recently, I was working on a pretty profitable business deal and wanted to buy my first home. When the business opportunity came through, my loan officer told me that I should hold off on starting a business until I closed on the property because I would be forced to wait 2 years if I didn't. Being optimistic, I started the purchase using with VA loan with no money down and the purchase price only being $40k less my approval amount so I purchased on the high end. Unfortunately, my business deal fell through. With the loss of the potential income from the business investment, I needed to find another stream of income so returned to my former interest of investing in real estate sooner than I planned. I have not yet closed on my house but now I am having buyer's remorse and thinking about the fact that buying this house on the upper end of my qualification will limit my ability to invest. What are my options? Am I screwed? I have good credit and some money (not a lot) to invest. I am waiting to hear from my attorney on the repercussion of canceling the contract this late in the game as I am scheduled to close in a week or so. Thank you in advance for any guidance you can provide.

You can still do asset-based financing (examples include hard money and private loans) if you can't secure traditional financing. Or, you could use a partner who can secure a traditional loan. You still have options. 

Originally posted by @Allison Stewart :

You can still do asset-based financing (examples include hard money and private loans) if you can't secure traditional financing. Or, you could use a partner who can secure a traditional loan. You still have options. 

 Great ideas. Thank you so much for your input.

Yes, may hard money and private lenders will not look at your debt to income ration particularly for short term loans like bridge financing and flips.