Jess.You can use that same loan, but get a PML or a friend to come in to help you with the extra 10% down that is needed. 

That means that if you normally make $5k/mo, but temporarily make $3k/mo until you return to work after two mortgage payments are due, but can show at least $4k extra liquid, your full $5k/mo income can be used to qualify you.

So, in multiple offer situations, you need to be willing to offer something that will entice the seller to take the extra risk (though usually very small) to accept your VA loan over one of the conventional loan offers on the table.

I'm looking for someone who is knowledgeable with the housing market in the Birmingham and Tuscaloosa area.

Unless I can get private business insurance that excludes the extra $250/year mandated by FEMA/NFIP, then I'll probably just pool funds from all the rentals into one for disaster relief savings.  

When I run numbers on these home I always increase my numbers by 15% and add in an extra contingency allowance. 

With a HELOC, you have no extra expense (some HELOC has annual fees, but they are low - like $100 - $200 at most which is negligible) unless you actually pull the cash out.  

Plan B in your pocket,, tenant might not be able either to move out early.. you can ask but be prepared to offer more than just the prorated rent for a few days...and to have a moving truck for a few extra days yourself. 

In this case, economic value will probably be around $1 150 000 which means they will finance 75% of this amount and you will have to cover the difference meaning you'll have to give an extra 130k in cash down (320k + 130k = 450K).

That way the tenant doesn't get reduced rent on you for a long time and then starts making great sales again and banking all the extra profit.