The breakdown is as follows:2 bed / 1 bath1 bed / 1 bath1 bed (studio) / 1 bathThe property was previously rented out for a combined total of $3,400 per month.

Quote from @Juan Ruben Cortez: I believe the funding fee is 0.5% of the remaining loan balance, plus maybe another $500 - $1,000 in lender fees. 

Cash out refi only if the rental income significantly exceeds the monthly payment and you want liquidity to invest elsewhere.2.You can maybe do a HELOC if you want a smaller loan that doesn’t involve refinancing the entire house.3.

You could use a HELOC, but with VA loans you have an allotment so you can get loans on more than one home depending on how much bandwidth they give you.

For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity.

A laundromat is certainly much easier to sell than a bakery or a real estate brokerage...The real magic happens when you combine both (biz and REI), one to generate cash, the other to invest, grow and tax shelter.

Your loan would be on a different property so no financing on the property you are buying. 

I love that you have specific goals for 2025 - I believe if we think it, write it, say it, and share it our goals are 10x more likely to come to fruition.Are you able to do option 2 and just house hack a 2-4 unit building and use a renovation loan which allows you to put down 3.5-5%I highly suggest getting to some local chicago meetup groups (we have an in person one on the 17th)...here is BPs list: https://www.biggerpockets.com/forums/521-real-estate-events-...I also have a full list of the chicago meetups that I can share with you too if that'd be helpful.

I will secure the loan for everything.

Since you will be renting it out you should get a conventional loan.