First Multi-Family w/VA Loan - Am I missing something?

[Jessica Young]

Hi all. I've been approved for $700K at a projected 2.75% (I know this can change) with my VA loan benefits (no funding fee) and I have my sights set on a fourplex in a decent area of Houston. The property itself is older, built in the '40s and the land itself is what is super valuable. No central heating, windows units, kitchens and exterior/yard all renovated. There is a unit available for me to live in, two currently rented and the status of the 4th unit unknown. When my agent and I went to view the unit, it seemed to be bolted from the inside (more to come there, but I want to furnish and put that unit on short term leases).

Anyway, I have ran preliminary/rough numbers inclusive of PITI w/my broker's assistance. I will have to bring about $30K to closing and nothing down with the VA loan. I do meet the landlord and reserve requirements. Though my thought process behind pursuing a multifamily was to houseback to have a large portion of my living expenses covered while "kick-starting" my real estate investment journey, I feel I may be missing something (or just scared). The $0 down payment is very attractive to me as I wish to keep as much money as I can in my pocket, but I can't help but to think that putting nothing down on this fourplex is not a good idea. If this goes through, I plan to live in it for a year (or more if necessary) and do it again or find a nice SFH home.