You could run into issues down the line without one, depending on your business structure.  

And keep in mind that the rate on the 2nd lien will likely be 10-12% so depending on the cash flow it might not actually yield that much cash to you at closingMore importantly, it's just more debt so ultimately it sounds like you need an income-producing event to actually improve your situation and avoid some of the consequences that you mentioned

A borrower must choose his or her own contractors to perform the needed renovation.Ø All Contractors participating in the HomeStyle Renovation Program must complete a Contractor Profile Report.

If positive, it's generally treated like income or offsets the liability for that property to $0; this is highly dependent on the circumstances.

I can imagine if you want to purchase something, there's thousands of other areas to choose from where you wouldn't be losing so much money.

(Some have argued that the actions of the Obama administration were illegal taking.)The main problem with having it controlled by the government is that it has been, and will continue to be used for political purposes, right or left, depending on the administration.I'd rather see it outside government control.

I would think about having a local broker/agent give you a BPO on it and see what the number comes back in at..Think this might be where Chris was going, but depending on your area and what sales look like in the end of the year months, usually sales are a lot slower, that might be a driving factor.

Anything smaller may not attract larger investors or offer the economies of scale needed for profitability.Design Style: BTR developments often consist of attached townhomes, usually with features like garages and a more upscale design to appeal to renters looking for something between an apartment and a single-family home.Location Factors: The success of your development depends heavily on location.

You can get more than one VA loan depending on your allotment and you don't need to owner-occupy the second one so I would look into that first.

To answer your question, “it depends on how much money/net worth you have.”