I'm am doing a straight up refinance to get out of the HML and into a lower %.HML amount to payoff $56,500.00.Getting appraisal Friday, but hoping for minimum of $125,000.00, being conservative and hoping for better (my real estate agent thinks $135,000.00 but I think that's being ambitious.)I don't think I will really know the LTV till the appraisal is done but assuming the appraisal is $125,000.00 I should have 45% equity into the property, as there will be no cash out, and the new loan will simply cover the HML loan at $56,500.00, plus closing costs $1350. 

However, you are not required to live there for 2 years straight. 

First of all, the above comments are all correct, VA financing is pretty straight forward.

I suppose a good example would be -- if you were to buy a property whose interior was straight out of the 70's (heavily outdated but in mint condition), what would you be updating/putting money into before putting it on the rental market?

I figure out where I want the bottom of the cabinet to be, then I screw a 2X4 into the studs (using a level so they're straight) so the top of the board is at the same spot I want the bottom of the cabinets.

They can also range from the simple (like a straight 50/50 split) to the complex (a preferred return with several waterfall hurdles and other oddball provisions).For typical Multifamily value-add offerings terms should be somewhere similar to the one we typically use:8% preferred return (investor gets 100% until reaching the 8%) then70% of the profits until reaching a 12% return, then60% of the profits until reaching a 15% return, then50% of the profits thereafterThese can slide around somewhat, with slightly higher or lower preferred return, and/or the % profit splits might vary (such as 10% higher or lower than above) or the hurdle rates can vary. 

I went straight to the sellers agent because I was told through an online inquiry that there was an offer on the property that was being accepted.

@Wayne Brooks Thanks for the input but the calculator only has 3 fill-ins, which I transferred straight from my loan.

I feel as though quitting a FT job to go straight into real estate FT would be too much of a risk at first.

Keep me updated on how you make offers and what the responses are like.Yeah Cody Sperber seems straight forward, I also like Phil Putejovsky's videos as well, ton of solid information, good luck!