If you have water stains there, chances are, the house will need an indoor or outdoor french drain as you have water seeping through the walls and/or where the wall and slab meet.

@Adam L. in the Navy it's E-5, E-4 cannot live off base unless married.

@Robert Guilfoyle PenFed credit Union does 80% CLTV, and Navy Federal Credit Union does 70% CLTV on investment properties

We ended up doing a conventional loan with Navy Federal Credit Union, they had no down options for us at great rates.  

Navy Federal Loan Officers have explained that even moving to a "larger house" or "better area" justifies as good reasons.

Navy Federal is who I use but you must get a hookup to become a member.

We plan on house hacking the bottom unit while we do the repairs and within the next year or so, purchasing another multi-family property to wash, rinse & repeat.Financing was done through Navy Federal Credit Union, where we were able to put down 15% on a 30yr conventional @ 4.5% interest rate - with closing costs, we're looking bringing ~15k cash to the table.   

I found out the hard way that if you are literally within 100 miles of a property you already own, then FHA will NOT give you a loan.Here's what you can do.Wait until you get to your next duty station and then use the fha loan  orGet a loan through Navy Federal Credit Union (You do not have to be in the Navy, you simply need to be on active duty in any branch of the military or honorably discharged)....yes they will let you go zero down with no PMI and you can use it while you have a VA loan in place.

I am a Navy veteran with the background of submarine auxiliary mechanic for 9 years.  

I'm new to investing and gathering all the knowledge I possibly can prior to me retiring from the Navy.