Only whole notes become the 1st position and holder of the actual loan note.  

I think you would be wise to sell and use the VA loan for your new home. 

Why Part of a Good Deal is Better Than 100% of No DealHey BiggerPockets Community,As real estate investors, we all want the perfect deal—the one where we control everything, make the most money, and have the best terms.

They'd be much better off being a Hard Money Lender and make 5 times that (and every repair to their "investment house" is paid by them...So, if you put $10k down on a property and make $150/month net cash flow your Coc Return (annualized) is 18% which is Very Good.If you followed that and understand it then keep looking for a deal.

Typically to grow a real estate business and raise money you are better off partnering with someone.

This would likely take coordination with a tenant at some point - (ie - plenty of notice to them that they must vacate in order for you to sell the property)Since your current home is free and clear -  you could do a cash out refi or take out a new mortgage on the new house to be able to buy your paren't house and pay off the mortgage.  

Hi Eileen,Is the property vacant? 

This is more of a reach goal for me since I am still in my "collect 4 green houses before trading up to a red hotel" stage, but I thought I would ask the hive mind anyways.

Hey @Isaiah Cortez, here are the deets on STRs via the city - https://www.fortlauderdale.gov/government/departments-a-h/de...I don't have any real insights on the area, but do a search and you will find some details.

The liquidity or funds for the purchase can be in your new entity or your personal bank acct.