-You mentioned this is a rehab property, depending on the extent of rehab it needs you may find the property is not eligible for some mortgage products. 

.- I believe eligible investments in OZ's are real property, operating businesses and equipment. 

In your example above, you wouldn't be eligible for a VA IRRRL. 

Its always better to start the pre-approval so you know your eligibility. 

Not eligible for any repair programs: they will go through a consolidation after 3 months.I could get a secured credit card.Just to add more clarity around the goal, I am aiming to get an FHA loan to buy a du/tri/quad plex.

It's my understanding that commercial loan eligibility is assessed based on the debt service coverage ratio, LTV, and your previous experience investing in/managing similar properties.

I am not aware of any easier way to do it, since you have to prove that the property is eligible, meaning someone pays a utility in the building; I took the easy way out, so I didn't even have to check whether there was an alternative.

If you want to dig deeper into the details once you have the fundamentals down, find some books to study & start running the numbers on properties using the BP Calculators!

@Teal Price1031 if eligible or die and your wife can get the stepped up basis. 

I am an Veteran and eligible for the VA home loan.