My dilemma is this:Stuck between using normal VA, $280k pp @ 5.35% and using $15k of personal investments (which I am really tied to because it wasn't easy accumulating) to fund cosmetic upgrades (upgrading floor to LVP throughout, resurfacing + painting cabinets, replacing counter tops with quartz, exterior/interior paint, appliances, and a new front door).

(I've seen so many inherited properties get tied up in litigation for years.)I think you could look for something used with the 100k, and potentially take advantage of 110%, or ecobonus..

I don't want to put more than 20% down since I don't want to tie up money. 

It takes a bit of effort, but it is pretty straight forward, and I don't do the indexing because the returns are directly tied to the market.

I realize perhaps I could buy the property and pay for the build myself, but then I would broke the cardinal rule of tying up my money in 1 deal.....

Because the house my wife and I (the second pair of shoes in my profile pic) put in an offer to the owner of the house i discussed last week and part of the pool decking needs to be filled in with concrete.

These notes are tied to people's lives and homes,  who have gone into default for a whole variety of reasons and it makes a difference how you market and brand yourself. 

I studied economics and sociology and it's so interesting how tied together they are.

I'm a little concerned about tying up down payment in primary residence that could be used for buying rental properties but on the other hand I think it's helpful to start building equity.

If all your portfolio is tied up with that one syndicator/operator, his misfortune could become your misfortune.