The lender would just need a reasonable explanation of what was going on to approve it.Also, you mentioned "we" so if, for example, your spouse had one VA loan and you had one VA loan....meaning, you are not on each other's loan, then you do still have entitlement left (the formula, while complicated, was included in a link above). 

My question is: I think it can get a little complicated being that it’s our first deal but I also think we can get this place for rather cheap.

It seems like a case of unnecessary complication--if you lease out 3 separate rooms, it's fine.

And if you do it in the same year as the aquisition year (in the tax return for that period) the CPA cost should be minimal - you can still do it for properties acquired in past years, but it complicates things since now you/CPA have to deal with adjustments.

I realize it is a complicated topic and each individual circumstance is unique and probably requires professional advice. 

If it is an amortized loan then it would be more complicated but the same principle applies.

That’s just way to complicated.

Lender/due diligence fees Appraisal: $2,000 to $10,000Property Condition Assessment: $50 to $250 per unitPhase 1 Environments: $2,000Unit Walk Inspection: $25 per unitLease Audit: $25 per unitProperty Survey: $5,000Earnest Deposit: 1% to 2% of purchase priceLender application deposit: $25,000Lender rate lock deposit: 2% of loan balance (only applies to agency debt)Legal fees (assuming it is an apartment syndication) Operating agreements: $350 to $15,000Private placement memorandum: $5,000 to $15,000Subscription agreement: $350 to $5000LLC Formation: $200 to $2000Having your attorney negotiate the loan documents: $10,000The costs are general guidelines and will vary depending on the size of the deal and how complicated the GP/LP partnership is.

Short response: You use multiple LLCs and we use a Series LLC Your model doesn't scale efficientlyYour model is much more expensiveYou is using WY and we use TX TX has better fees and less paperwork, and with the use of an agent trust it offers the same anonymity as a WY LLC with all the benefits of filing in TexasWY is still really good, though - good call.You use a C Corp for operations versus traditional LLC - both can do the same thing A C corp is wildly expensive and complicated to operate correctlyI would be curious what @Brian Bradley would think about this.

That structure is much more complicated.