Buying Near Syracuse U: Tenants, VA Loan, HELOC, and First-Time Investor Questions

[William Garzon]

Hey folks, I’m a veteran and currently co-own a house in New Jersey with my brother (it's my primary residence for now). I’m looking into buying an investment property near Syracuse University to house hack and rent to students.

One of the top properties I’m interested in is already tenant-occupied. If I buy it, what are my rights regarding the current tenants? Can I end leases if I plan to move in, or do I have to wait until they expire? I’m trying to plan for how quickly I could get into the property or reposition it.

I'm hoping to use a VA loan, but I know it:

Must be my primary residence and needs to pass VA appraisal standards. If it doesn't pass, I'm thinking about going with a conventional loan, potentially funded through a HELOC on my current NJ property, which I'm in the process of applying for.

My concern: Changing my primary residence to the new Syracuse property would likely disqualify me from the veteran property tax exemption I currently get in NJ. I’m prepared for that, but want to be sure I understand the full tax and loan implications before committing.

I also have a fellow veteran friend who's interested in partnering with me. Our work ethics are a little different, I've been doing most of the due diligence so far, but he could be helpful when it comes to maintaining the property and handling repairs. I'm trying to figure out if it's better to buy solo (maybe with help from the HELOC) or find a smart way to structure the partnership where we each bring something to the table.

I’m brand new to real estate investing, but I’m serious about getting this right. I’d really appreciate any insight or suggestions, especially on:

Handling inherited tenants

VA vs. conventional loan options when appraisal is a challenge

Using a HELOC to fund a second property

Transitioning primary residence and what it affects

Structuring partnerships wisely as a first-timer.

Thanks in advance for any guidance you can share!