Should I invest in another property?

[Manuel Llanas]

I am quite eager to looking for a multiplex around my area or in the Oregon area and already know a couple guys who are helping me out in the Oregon area. I'm making some options and trying to see the best outcome between them. The Oregon location, I'm trying to work with my brother on getting him an FHA loan and me covering the cost on a multiplex and he has been delaying a bit. So I'm looking in my area to see if I can get a multiplex or a home with a big lot on it. The particular place I have in mind has a 1 acre lot and the house probably needs $60k to work on it (this was guesstimated by my coworker who wanted to buy it). The place looks like it needs the roof replaced, interior needs an update, outside would need to replace some wood planks to be replaced. It will need some work and the price is not bad for the lot size, estimated at $375k. My major concern is my income, since I would struggle hard to be able to afford this myself. Even if I used my VA benefits for a $0 down and rented my current home out for $1.6k per month. I can pull out about $50k in equity, but I would not be able to do anything else after getting the place. I would essentially need a partner for this little project, the zone is an R16. since I'm new, I barely know that r16 is a single family resident, zillow says potential subdivision. All in all, my potential income would be around $1.4k a month without renting my current place. If I rented my current place, I would probably make, maybe $200 per month. The pictures below is the property in interested in.

[Manuel Llanas]

An hour or so, south of Portland. I have been talking with an Anthony Wong (realtor) and Joseph Chifalo (loan broker). Met them both from the forums here. The plan is to get my brother to get an FHA loan (approved for multiplex) and I cough up the dough :P... Yes, I have used my VA benefits to get my first home (townhouse) for $175k, 3.25% APR. i'm currently around $158k left on the mortgage. If the property that my brother will be looking at tomorrow (6/22/2024), looks good. This is where the FHA loan will occur for my brother. He is looking for a place to live at and this will be a beneficial situation for the both of us. We will both proceed to getting the property and fixing it up some and refinance after it is fixed up. I'm hoping that the refinance can help repay the equity loan I may have to pull out. Depending on how much of a down-payment my brother will have to make. But, if things go well. so far, i've heard from my brother that the owners of the property we are aiming for, are being difficult and wanted us to make the offer before looking inside the physically looking inside both the units of the duplex.