Spending too much time on analyzing one deal will put you out of the game on too many other ones...

You said you're trying to buy the house from someone who is in foreclosure (not yet foreclosed on).  

Assuming all of the information you provided is in line.i.e.

My dad and I (both with access to VA loans) are about to get into the multifam game and how we proceed is really going to depend on the true occupancy rules for the VA and our lender.

I already have land holdings near Everett that will certify out at 304 salable density bonus credits.To play this game, I get certified and then "clip off" the transferable development rights for sale to urban developers in the county, who can cash them in for an increase in dwelling unit density from an original 22 units/acre to 58 units, and building heights from 45' to 75'.

That's their whole game!

There are a few banks in HK that are also located here in the states.

Just keep in mind that entertainment expenses—like taking clients out for a show or a game—aren’t deductible anymore.And, yes, you can deduct 100% of your education expenses if you’re already a real estate investor.

If you're still in college and working with an FHA loan, a duplex can be a solid option.

More than happy to connect and strategize game plans any time.