Hi, I am renting out a 2 bedroom apartment for $1,200 I had two people looking at it, one person was an older mother not working with her daughter working that makes three times the rent net, but she does not have now the full amount to move in including the security deposit and her credit score is in 500 due to medics bills and a few other stuff, versus the second person makes a little under two times the rent but she has a great credit score at 6 70 and she has the full amount to move in right now, what would you do?

I bet you would end up losing ~$800/month on this property.Spend some time learning and analyze a few hundred deals.

Based on what you are looking for, I am willingly to bet that the land + building a 4-unit townhouse will exceed VA entitlement - unless you have the resources to reduce cost significantly or the funds to fill in the gap.

Your best bet would be a small community bank in Indiana.

You bet i would want to walk it. 

Your best bet is to get with a rockstar loan officer that specializes both in the world of real estate investing and VA lending so that you can talk strategy and map it all out.Best of luck!

Get this at the right price, bump rents to $1200/month, I bet you could cash flow $1k+/month, ~8% CoC ROI.

As a real estate investor, it is common to get criticized for investing in real estate versus putting every penny in the stock market (especially from financial planners who want that trade commission/fee).

There is a massive difference between changing zoning code because drunk people are living in an existing home that is being used as a makeshift rehab facility, versus constructing additional housing and demanding that anyone with a disability be allowed to move in.  

If you plan to hold though, anywhere in the metro area is still a safe bet.