Also,  after listening to podcast my initial thought of saving up a sound Emergency Fund of 6 months of expenses has been reinforced.

VA requires owner occupancy intent and living there 12 + months (have people left earlier sure they got PCS'd out to another base or had another emergency so sure it happens legitly but for most of us, we should follow the guidance).2) Getting a conventional loan now will or can count against you yes because of your DTI or debt to income right?

And also assuming that this is work that you can at least partially do yourself if you need to.if true, You need to treat this like an emergency.

Make sure it cashflows enough to cover emergencies if your play is longterm appreciation

I already max out my 401K, my Roth, and own 1 rental property (my previous primary) and have an emergency fund.   

Over the last decades, Mexico's economy has grown tremendously, which has led to the emergence of a large middle class.

I also have $150K in stock for emergencies but am trying to not to liquify in the down market. 

But that leaves me with no money for emergency, plus we all know that rehab always takes more, and you always have to have safety net for rent emergencies. 

Especially if these old windows don't actually work since usually windows are part of emergency escape routes.I'm assuming you plan on holding onto the property for a while?

Borrowing can keep cash on hand for any emergencies or unforeseen rehab costs.