Even if you are not cash flowing on day one, that's okay (in my opinion), you're not paying the full mortgage on your own, which in of itself is a huge win and you learn other tangible real estate investing skills along the way by simply owning. 

Not only is it very difficult but also leads to poor real estate investment decisions/ rejecting opportunities that require patience while attempting to achieve the W2 replacement as quickly as possible.

Maybe you could extend the closings with some additional earnest money (even if you release it) and buy the time so you can simply do a regular 1031 exchange.  

We determined the ARV, estimated our rehab, decided on our required profit, and then negotiated on the purchase price based on that data.

You are honestly way ahead of the pack already simply by being willing to start learning about this topic in your early 20s.

Hi Kristi,VA loans do have flexible debt to income ratio requirements, unlike every other loan.

There are lots of hard money options (or maybe not "lots" but not too uncommon) with no appraisal required - that makes the offer equivalent to cash (closing within a couple days and no appraisal contingency - its out there)The lender still has to ok the deal, appraisal or not.

It's not fraud or anything because you are, in fact and in reality, converting it into something that is not a bathroom and doesn't require any permits.

But, you need to understand the intensity, time commitment, capital needed, and skill set required.  

What considerations would be required to address before making a “Yay or Nay” decision to move on an out of state multifamily property.Toughts anyone?