BONUS QUESTION:  "I've got one last question that may seem a bit strange...

Basically I was giving him guaranteed steady work at a little less than what he makes with a bonus at the end of the job.

If you have several rental properties (it sounds like you do) it would probably make sense to do cost segregation to take full advantage of accelerated depreciation and bonus depreciation.

After learning more about the pitfalls of sinking too much into my 401k account, I've decided to shift my focus into RE rather than maxing out my 401k and my wife's TSP account annually.With it being a new year (and bonus season!)

Currently the basement has one bonus room and one half bath, and a two cars tandem garage.

There aren't many "deals" to be found anymore.I make about $80-90k depending on my bonus so I'm not sure what amount of credit I'd qualify for outside of a conventional loan for the loft.

My base without bonuses would support a 41% DTI payment on roughly a $500M purchase.Essentially I would use the equity lines to reduce the amount financed on a new 30 year VA loan for the new purchase by paying down the purchase price off the top, which is why opening my VA eligibility seems so important.  

It was mentioned that asset has to be new for bonus depreciation, but starting this year both used and new asset qualify for the bonus depreciation.  

The bonus of taking the class was networking with people who are already in the field.

To start, the numbers:3 bedroom, 1.5 bath 1700 sq foot brick SFH with bonus room.Purchase Price: $59kAppraisal: $105k as is with estimated $124k after rehab.Renovation budget: $20k.Renovations include: new flooring in bonus room, kitchen and baths. total renovation of bathrooms, new cabinets, crown molding (to cover bad drywall job by previous owner), buff hard woods, paint exterior, paint interior, remove awning, remove side door and seal up, fix low spot in kitchen floor, and remove the non-permitted fire place.Estimated Rent: Initially I budgeted $950 per month based on another rental I own in a similar location, but  two houses on the same block were recently rented for $1200+.