As long as you Have the income to pay for both houses and you have to live in it for one year.

The downside is that borrowers would be required to pay the mortgage on the full cash out amount from loan inception, the benefit would be that the actual interest rate could be closer to the 7%'s than the 10-11-12%'s (also with an interest only repayment option) and the need for a new mortgage (second loan on the target acquisition) could be eliminated if the equity position on the refinance is large enough.

I am NOT interested in owning any more real estate (retired here man) so I had planned on just paying my 15% long term Capital Gains tax rate and moving on to my "safe money" retirement program of MYGA's / CD's and High yield Savings account / Bonds / some Stocks.

How much did you pay for it? 

It says they will pay "$0 or 5%" which seems to imply $0 is an option for them.

The Army and Marine Corps require single service members with pay grades E-5 and below to live in the barracks.

You could check county records to see who is paying the property tax.

From the way he describes it, I think it is an REO, so I need to make sure that he understands that with the points the seller will have to pay for the VA loan it is not a sure thing (as if anything is).Can anybody assume a VA loan?

In most cases that is the benefit to the seller is buying something they no longer want to (or can't) pay for.

We would use the additional units to bring in the funds to pay the mortgage plus expenses.