My wife and I plan on living in our 2/2 while renting out the other 2 units onsite.

Generally I think planning for 20% vacancy when starting out is smart as it can take some time to get traction on your property and aiming for 1.5 to 2 times the LTR rate. 

I am just asking that way because if the plan in it to refi with cash out after the repairs you might just consider skipping the business loan and just doing a cash out refi to fund the repairs.

You can use the VA loan for your primary but wouldn't be able to use it for an investment, unless it were a multi-unit you planned to house hack.

. - Also, spend some time before/after to drive by comparable properties in the neighborhood to understand your competition and the rents they are asking. 

She mentioned the market for resale properties is super-hot in Madison right now, and she suggested I check out a certain planned community nearby.   

Just planning and looking for wisdom.

Hi all,I have put an offer in on a condo in Jersey City, which I am planning on adding a bedroom to and move in.

They had planned on moving back home but he ended up getting admitted into the hospital due to his lung issues.

Yeap, that's the plan.