For home purchases, in order to obtain a VA loan, you must certify that you intend to occupy the home as your principal residence.

I am looking to take out a HELOC on my principal residence but would then like to turn this residence into a rental property as well.

Property and Loan Details 3 FamilyLocation: New Britain, CTPurchase: $123,000Rehab budget: $55,300Down payment: $18,450 (15%)Loan principal amount: $104,550Total Loan (principal plus rehab): $159,850Appraised as-is value: $125,000 (pre-rehab)Appraised ARV: $255,000Loan Terms: 9.99% for 12 monthsInterest only payments each monthPoints: 3.5FinancingThe hard money lender had a few programs.

Monthly principal and interest payment even at 6% would be $1521.24 (plus taxes, etc.).

Subject to Info: Mortgage principal owed: $58,000 Principal and interest per month: $310

Subject to Info: Mortgage principal owed: $58,000 Principal and interest per month: $310

Why does Amortization matter when it comes to the percent interest and percent principal.

So go with it, you can always increase your principal payments, not to mention lower interest rate and more cash in your pocket.

@Steven ParksThis would not be considered a contribution, it is loan repayment (principal + interest), there is no such requirement for this. 

And the way Bigger Pocket teaches investing those that follow core principals should be able to manage the hit with properties that are already own or atleast one would think so.Someone correct me if I'm wrong...