My Texas Situation

[Lear R.]

I'm looking for ideas to help me obtain a friends property who simply wants out of her house.  The situation is the following.

1. Both her and I are veterans and one Vet can assume another Vet's property, ( from what I have heard I am not certain how true  this is.

2. I am currently capped on my VA loans, I currently have 2 VA loans one for 70k, one for 155k.

3. She owes 207k on the property and is under a time crunch, she has to move in two months .

4. I have a FHA property and owe about 70k on that one

5.  According to my research her property can cash flow about 150 per month which is ok, especially if it helps a friend as well.

So far I had her contact her bank BOA to let them know that another vet wants to assume her property and to give us direction on how to get qualified. I also contacted my property manager in the area to verify the rental market for her property. 

Based on the scenario I have described, are their any creative financing options I am overlooking?

Also I have heard of mortgage wrapping, is it possible for me to wrap both my VA loans into one so that I am under the two VA loan cap in less than two months, and how do I go about doing that?

thanks! BP!