A little background info, wife and I bought or second property with a VA loan its a 4-plex in need of serious updating almost a year ago for roughly 275k loan amount of 245kI recently finished the remodeling and we had the va appraisal done for a va cash-out which came in at 400k which us a bit low due to lack of comps in the state. 

I’ll update this thread once we near completion and place a tenant.

They also need to understand that they will be throwing away any money spent on kitchens and baths down the road when they update the plumbing/electric. 

Purchase price: $350,000 Cash invested: $35,000 Bought as primary residence, converted a den to a 4th conforming bedroom, cosmetic updates, lived there for just over 2yrs, then rented to 4 roommates.

I converted a 1,100 square foot duplex into a completely updated 1,800 square foot three bedroom two bath.

I’m simply the boots on the ground but will update them along the way of every step.

UGH, thanks @Terry Ingram, I'll have our Conference Coordinator update them.

So if your building is currently 'grandfather' you might want to double check the cost of updating all the electrical to code. 

He had purchased the home as a foreclosure, with the idea being that I would live in it and pay him back gradually, while also making some much needed repairs and updates to the property, and ultimately owning the property myself.  

I receive a weekly update of BP posts and was searching for this very topic.