I would purchase subsequent properties to gain economies of scale but would remain in the business and do other commercial RE part time.  

I'm looking for help with financing questions mostly: There's a large building available in a developing area and I want to know how to finance the purchase and subsequent renovations. 

Since I am not financing and will not have a fire under my butt through the renovation process on this house, the fireworks won't really start until the project nears completion so I have some time to study and consider various subsequent investment options.

I would make sure it is a HUGE discount for the time and hassles involved...Not sure about Alabama... but in Nevada, buyers that eventually end up as sellers have to disclose the mold remediation in subsequent Real Property Disclosures when they go to sell the property....

Many times a borrower will cure one default or the bank will pull the sale for whatever reason, and the property will subsequently come up for sale again.

Asking for money in subsequent phases increases IRR since again its time sensitive (but you know the capital call is coming so you as an investor have to earmark that cash on the sidelines for when its called).

If you only care about an easier/cheaper tax return, then stick with the SMLLC because you can report profit/loss directly on your 1040 via Schedule C and the IRS considers your legal entity a "disregarded entity"; for my tastes, I'd rather incur the overhead of a 1065 tax return for my Multi-Member LLC, and have the LLC issue me a K1 to include in my personal tax return, in exchange for retaining the full scope of the LLC liability protection.I'll register any subsequent entities in Indiana as subsidiaries of the parent, and these will all be "Manager Managed".

(I've subsequently had to evict that tenant because she was playing to many games with getting the rent money to my property manager.)   

I have had dogs pulled off kitchen cabinet doors, bite off corners of solid wood doors, dug big craters in the ground outside, broke sprinkler risers, broke sprinkler control wires, chewed off fence pickets at the bottom of wood gates to get outside, cats tend to completely crawl off weather seals around doors, and destroy window blinds, and carpets. 

The loan limits for VA loans vary around the country; $417,000 is the lowest amount and is considered the default amount unless you are in an area that has been designated for a higher amount.You can find the current VA loan limits here:  http://benefits.va.gov/HOMELOANS/documents/docs/20...One important note on re-using VA benefits, especially for low down payment loans:  the funding fee is not small, and is higher for lower down payments, and is higher for subsequent uses.