Discuss your situation with a local attorney and decide if legal action plus cost is less than what you might get from a suit.

The option that we both agree would be best for us would be to use the VA loan to buy a home that has a finished basement, detached guest house, or in law suite that would include a separate entrance, a bedroom, bathroom, and kitchen etc. so that we could rent out that space and essentially have them help us pay off our mortgage and build equity.

So if it were me I would terminate the PM and let them try to file a law suit.

Definitely do what suits you best.

So if you go through bankruptcy or have a judgement against you stemming from a personal suit, the IRA will be shielded. 

We also need to form the best suited entity set up for flipping as we currently have two properties in the process.

@Suki Su it all depends on the party from whom you borrow, I would budget 25% of the total amount that you need to borrow as I believe that is what you’ll find most commonly but again it all depends on the lender

Talk to your attorney and strip the liabilities out of LLC to avoid the law suits that others discussed.

@James W. you may want to follow SLP in case Hopkins or Minnetonka follow suit.

Realistically, I suggest seeing all available, (New, Resales, Foreclosures, etc.) then you have a logical basis for making an educated decision of which home best suits your needs and lifestyle. 5.