I've done a few calculations, and the VA Loan seems like a decent idea with the low down payment and no PMI. 

Judge may give them extra leniency.

Re the Title Fees ... it depends on the loan amount (to calculate the title insurance premium) and what, if anything, the title company is responsible for doing in connection with each construction draw.

@Vincent Chen You should input all your rental income and expenses to the extent you had a real estate business as well as calculate depreciation and amortization based on your purchase.  

They sometimes overlook the free use of the space with no utility charges for at least the past 5 years when calculating their justification.My self-employed parents own the building, it is the source of their retirement income.

I don’t want to sell it I would like to rent it out to create that extra money coming in.

There's no guarantee about how much money you would make but it sure would be an easy way to make extra money and every loan that closes needs someone ensuring the documents are signed correctly.

I have seen many investor's over do properties in hopes for the extra $50 a month..

You might want to calculate your return as a percentage of your investment to better compare different properties - $200/door could be a great deal or it could be a bust but if it's a 15% return on my calculator, that would be pretty sweet.  

Jesse, great Q and what I know for sure when you change CPAs or tax preparers or move, stop and start filing etc. you need to keep track of the depreciation schedules because when you go to sell the property, you're going to have to run the numbers from EVERY year that you wrote off depreciation to recapture it to calculate your gain upon sale.The other issue is are you hoping to get real estate financing in the next few years?