It has zero room to grow outward but has proximity to the Pentagon and DC.

A person living independently or a group of persons living as a single household unit using housekeeping facilities in common, but not to include more than three persons who are unrelated by blood, marriage, adoption, or foster-child status, or are not Life Partners.Splitting the building into two 4 bedroom units is not allowed. 

No one is going to insure you with knob and tube so you need to focus on selling or doing the rewiring.

@Thomas JaskulskiIf it is a good deal, the buyers will be the easy part.

Thank you. just talk to any mortgage company and tell them you want to come work for them they will tell you what you need. 

You should have an umbrella policy to cover everything, beyond maximum liability coverages.

My guess is that it would need to be a househack-type situation, as VA loans can only be used for primary residences.

Use tools like BiggerPockets Rental Property Calculator and Excel templates.

Quote from @Sonja Revells: @Chris Seveney primarily Padsplits  I would speak to a few lenders first before going through all these hoops, as I started to do this then when talking to banks they were basically telling me either get a secured mortgage as they will not lend to a real estate company on unsecured credit/debt.

@Jake Hughes A 1031 exchange is a great way to indefinitely defer all of the capital gains taxes, and gain access to that tax to use over time for your own benefit.