They sold and the next owner started phasing out Section 8. 

I agree– it’s easy to get stuck in the watching phase (guilty of this too!

It recently dawned on me the idea of a non military affiliated individual assuming a VA loan, would this individual be able to then also gain the benefit of using an IRRRL since they have now acquired a VA loan through assumption?

Have bought notes and foreclosures, but never been able to take possession during the note phase.

Take them by the hand and walk with them through each phase.

The military brings a lot of folks out here with a healthy BAH to rent but you usually can find 2 bedrooms hear for around 2000-2500 (depending on area). 

That's only Map Phase I:)Map Phase II coming end of month (hope).We've got Phases III & IV already in the planning stages:)

I never made more than $100k in a year working until my last year of employment, and still managed to retire at 50 with a lifetime pension from a combination of military and public service.

Once that phase is complete, I’d transition back into long-term holds.As for the cash-out refi, without at least doubling the rent, I’d be in a net-negative position each month, which doesn’t seem like a worthwhile trade-off.On the tenant side, I agree with your point about the business aspect—it’s something I’m working on coming to terms with.

You could build that in phases and finish the first 4 and then get your lender to do a construction loan on phase 2.