Trying to get some idea on funding my first multi-family purchase

[Nick Monge]

Hello! I'm pretty new to REI. I own two SFR but I'm currently looking into my first multi unit (four unit). I want to make sure I understand all my options when buying my first 4 unit rental property.

Some background information:

Property listed for $140k. I'd like to pick it up for no more than 130k if possible.

All units are currently being rented. Two 2/1 ($675 each). Two 1/1 ($575 each). ($2500 Gross income)

One of the units has been completely renovated. Other three are livable (being lived in now).

What I currently have:

- 20k saved 

- Two properties (60k equity in one) (15k equity in the other).

- I am a veteran and have access to only 109k (remaining) of va loan benefit. I'm pretty sure you have to buy a primary residence to use the va loan though? Am I wrong? Would be cool to do 0% down and no PMI..

I feel like it's a fairly simple purchase but wanted to get the advice of some experts. Using as little of my own money as possible (if possible), what are the best ways to go about purchasing this property? Overall, it's in a good location and has good rental history.

**Also to note**

I'm living in Honolulu at the moment. It'll be a long distance (home state) purchase. I will not be able to live in it for the year to be approved for an FHA..

My calculation (using the BP calc)

I used 0% down (to give me a higher monthly mortgage payment), just for calculation.. If I need to come up with the 20%, so be it.

10% for PM.

10% Vacancy

5% for CapEx.

5% for repairs

$90/month for insurance

$620.64 P&I

Total monthly income: $2600

Total expenses: $1657

Total cash  flow: $943

It seems like a home run to me, but I want to make sure I don't jump into it without knowing as much information as possible. Different ways to go about this purchase. I'm really looking forward to buying my first quad. Please advise! 

Thank you in advance!

Nick