Owner occupied loans have allowed us to purchase properties in markets with heavy appreciation, and potential for huge rent increases.

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?

This allowed me to get a construction loan to repair the other buildings and repay my investment into the property.

If the lender is licensed in the state you're buying in, then they can do the loan.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

I have found some information that might be helpful John.There are government backed programs like Fannie Mae Homestyle Renovation Loan and Freddie Mac Home Possible Renovation Loan, in addition to the FHA 203k loan. 

But the shopping centers, most all of them have defaulted on their loans in our area. 

Here are the pros as i see it: easy (no purchase necessary, you know the property), likely prop 13 property tax discount, possibly below current rate loan.  

We currently own 13 rental properties and have paid off all loans/mortgages including our primary residence. 

Focus on the big-ticket items and estimate costs.Financing: Whether it's private money, hard money loans, or a traditional lender, make sure your financing is lined up.