This is a single family home and was originally a primary residence before turning it into an long-term rental.Some strategies I'm considering to grow my portfolio are using a HELOC/1039 tax exchange to purchase a second investment property/multi-family property or refinancing my current investment property into a conventional loan to utilize another FHA loan for a primary residence (with the idea of eventually turning that into another long-term rental).I currently have a 7% interest rate, and am considering refinancing in the coming months if/when the rates drop.

When I will be renting a room or basement in my house (that I will be buying as primary residence), I’m planning for the roommate to just zell me the monthly rent directly to my back account.

VA requires the entitlement to be used for primary purchase only.

And you cannot use it to purchase a primary residence.You can however use it to buy an investment property and later convert that into your primary residence to get a prorated amount of the gain tax free.You can also use it purchase and improve an investment property as long as the improvements are complete prior to you taking title to it. 

I am currently under contract on a primary residence that is in disrepair.

Hey Jerome,From our conversations, on a conventional primary residence loan without tax returns you wouldn't be able to use this as additional income. 

In my market the primary challenge is not the value add, but it still has a BRRRR challenge that makes it very difficult to have a successful BRRRR.  

Also with that I am looking to go the HELOC route on my primary residence.

I have a VA Loan on my current primary residence and its so hard seeing so much of my payment go to interest after being spoiled by my HELOC sweeps on my last 2 mortgages.