Also is you purchase say a duplex and plan to live in one unit you can use the income from the second unit as long as there is a tenant with a 12 month history.

Underwriting will want to see some progressive experience in renovations, but as long as your not taking a quantum leap, it should be do-able.

Quote from @Ryan Long: I have a 6-unit complex under contract in Texas.

The VA loan assumption can be done by a non-va buyer, as long as that person selling does not use their VA loan benefits on their next purchase.

but I would still find a Knowledgeable Reputable Long Standing CPA for the future.

I started with the BRRRR method for long term rentals.

Why do you think purchase contracts are so long and have such small print?

I was told, just today in fact, by the VP of Lending that they have a new product that is in the process of being released for long term rental financing as well as the HML lending they do now. 

The First is in Crestview FL with a long-term military tenant.

Would need to run an IRR on the two but my guess is the $ now would be a lot better off in the long run as at 8% interest only is $1733/mo compared to 1394...