I am trying to figure out how much of conventional mortgage I will be able to get approved for.

If I decide to settle with the seller to void the contract we are in now, what would be a fair dollar value to settle (we prefer to settle without any legal actions)?

I inquired about legally renovating everything to make it a legal 3.  

Am I able to legally Airbnb the mother-in-law apartment in the basement?

They are exceptional at setting up and providing legal guidance with clear direction and understanding your  SDIRA LLC.

Currently my GF (also a veteran and we are not legally married yet) has our rental property and current residence under VA loans.

So depends what the auctioneers contract with admin is, but yes, is could surely be reversed.If you really want the property, which to me I hear that and it means "money is no object", if you send an offer to the admin for 10 times its market value but offer expiring before the auction, I'd be shocked that they won't figure out a way to sell it to you before the auction.The court approving the sale comes into play after the P&S agreement is signed. 

I highly advise against it unless you are 100% certain you are able to do this legally.     

@Wiley Strahan in terms of strategy - if you have partners or intend to raise private capital then you should seek legal counsel sooner than later. 

I did manage to dig a bit deeper and found out that the municipality of Edmonton has an advisory body still active which offers a full suite of forms which have been legally reviewed by their own real estate lawyers and by the dispute resolution courts.