100% Disabled veteran looking to get into a 4+plex?

[Nick Richards]

Howdy everyone!

I am a 41 year old 100% service connected disabled US Navy veteran considered total and permanent.

Currently I am living on a sailboat that I own outright but am getting tired of trying to make ends meet on the 4k a month I get from the VA Pension I get every month.

What I have been considering is if I could get to the point where I own some rental properties I would be in a much better position financially and want to start with at a minimum a 4-plex. What got me started thinking along these lines is I was told that my boat does not qualify as a legal residence, and technically by the letter of the law I am homeless (albeit quite comfortable so please no pity here)

I am wondering what options are available to me in order to be able to make something like that happen? I have heard with an FHA first time home buyer I can finance a 4plex, and that there are some tricks to getting that done? Not sure if VA loans can qualify for what I want to do?

What I was looking at is using one of the units in the 4 plex as my primary residence, then renting out the other 3, then possibly getting a roommate for my unit as well as I would be spending most of my time on my boat. Or possibly even putting a large shed on the property and insulating it and wiring it up and using that as my unit.

I would be looking to do this in my home state of Montana. Preferably in either Butte, Billings or the Bozeman area or somewhere in between.

A couple of key points that are important to me is I will not put my boat up as collateral, and preferably would like to do this inside of a closed S corp or LLC to insulate from liability stemming from the property.

Any thoughts or advice you have to offer would be greatly appreciated as I am pretty lost at what to do here.

I should also mention I grew up working construction and have built several homes, I have just never been on the ownership side of things.

Thanks!