Quote from @Jenna Kelley: The foundation is one issue, I agree with the other two comments..

If the property appraises for $300k, you can borrow up to $300k.

I have a residential unit that might come up soon.

I have two properties (exact same property just across the street from each other) one is a seller finance that is coming to the end of its contract for balloon payment and the other is a fix and hold Interest only loan that is also coming to the end of its contract for balloon payment.

You post in FB groups that might be a few hundred plus here on BP which would be maybe a few thousand (making up these numbers).

Also, I have to save up for the cash-to-close since the VA loan requires 25% down for anything above the loan limit.

I'd check local STR FB groups and see if you have a local Real Estate Club.You can offer your services there, maybe for free in exchange for the experience.

Also the contractor selection will be key.Everything involved in historic renovation comes down to experience and communication. 

There is around 500k equity in the property. 150k-200k would get the property fully rented at top dollar with desirable tenants. 100k would get it to where I can rent all the units back out at fair reasonable market rents.

The information contained in this post is not to be relied upon.