Would it be a good idea to vet a new Gc by getting estimates on rehabbing the third floor with carpet and mainly renovating the bathroom?

When you are ready to move, your wife secure the next home mortgage utilizing her VA home loan benefit.If your mortgage broker is trying to tell you that you and your wife both need to forfeit the VA loan eligibility on this one purchase, then it is time for you to get a new mortgage broker, immediately.There are a lot more details regarding the VA loan program that you can get very smart on. 

But here are more details of the actual properties I'm considering:The office opportunity is a single building with 15 units, each about 600 sq ft, fully rented.

Details: Purchase price: $50,000Loan amount: $40,000Down payment: $10,000Interest rate: 6%APR: 6.404%TIP: 116.332%Monthly principal and interest: $239.82/monthEstimated Taxes, insurance and assessments: $292/monthEstimated total monthly payment: $532Estimated closing costs: $8,247 (+$10,000 down payment)Breakdown:Origination charges: $950Appraisal and all title fees: $1,862Recording and transfer taxes: $800Prepaid homeowners insurance and interest: $697Initial escrow (2X months Homeowners insurance + 12X months $250 property taxes): $3,000Other (buyers personal attorney fee $450 + Title-owners Title Ins $405): $855Thanks again so much for your time and input.

I've actually been meaning to search on here and see if anyone is talking about it in detail yet or not.

@Justin WindhamThanks for the detailed answer there, Justin.

@Glenn Jubildo I would be hesitant to rely heavily on the contractor's estimate of ARV.

The developers need both economies of scale and top-end rents to make the numbers work.Post some more details, location and your financial breakdown, and the community will help you walk through whether this is actually a viable plan. 

That’s ARV, , number of bedrooms, rents, expenses (including any utilities), conditions and estimated repairs costs, etc ...Why?  

The asking price was $275k and initial monthly rent collected estimate was $3000.