.- no title seasoning on cash out refinances unlike FHA which has 12 months of title seasoning after purchase before you can use market value value or conventional which requires 6 months after acquisition (this applies to CO refinances where you used financing initially to purchase not DFE or delayed financing exception which is an all cash purchase and there is no lien/deed recorded on the property at the time of close), This becomes very handy for  creative RE entrepreneur once you learn how to force equity through adding value to properties you can use VA's no title seasoning advantage to increase the speed at which you move from deal to deal quicker than Conv/FHA- no self sufficiency rule when owner occupying 3-4 unit properties which FHA has (a rule that makes buying 3-4 unit FHA properties in high cost areas nearly impossible) so this a huge plus- use of rental income or other peoples income (OPI) to help you qualify on your 2-4 unit VA purchase (FHA and Conv does allow this too)There's a lot more you can do to optimize your mortgage planning from an investors perspective.With the introduction of the 2018 Tax Cuts, you can structure your taxes strategically to not only greatly reduce the tax impact but also remain bankable to most money sources.

Trying to force action could cost you six months

I thought they could only be used for forced appreciation, i.e., increasing sq footage, adding bathrooms.  

In your area can you consistently find BRRRR deals with enough forced appreciation to give you most/all of your funds back at refi?

I'm getting forced to the curb due to the number 55 in the age column. 

As far as value/affect on the surrounding neighborhood - I am guessing that it will immediately have little impact but will likely improve value over the long term if when the school is built and starts to get good test scores/reviews as families will be drawn to that neighborhood. 

If you choose the 5 unit keep in mind that it may be easier to force appreciation by making improvements that lead to increased cash flow.Good luck.

You need appreciation, both forced and natural to make up for the 40 year rehab cycle. 

Hey Kristen,I would definitely do an in-depth ARV analysis and then have funds aside for improvements if the market can handle the forced appreciation.

The HOA isn't forcing you to move.