I did ask her if she has any contacts as we've had this conversation before about my looking at investments outside of our area.

I look forward to conversing with everyone and possibly meeting a few of you!

As the site continues to grow it can be more difficult to follow conversations, and I almost always forget to "follow" the conversation, most forums auto-follow after you reply.  

Yes, fortunately, after conversing with the seller, I think we finally have the situation all worked out and set to close next week.

I probably shouldn't have jumped into this conversation to talk about my notes.  

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

Of course, during these conversations, both the bank and I were focused on security of the monies in the account.  

So, to all of you who have done this, what was the conversation with the bank and the outcome?

That would put you at $7,200 to $9,600 to spend on this conversion.

I'm definitely leaning more towards the VA option, I just want to see if any of you have good reasons for or against either option.Ryan Conventional pricing is around mid 4's to higher 4's while VA pricing in the lower 4.00's but if you price the VA to be on "par," with conventional meaning the VA loan with no VAFF (VA funding fee 2.15 - 3.30%) then you'd have a similar rate to the conventional loan apples to apples pricing wise.The one advantage you had mentioned is that the scenario above wouldnt be  apples to apples when it comes to down payment because the VA loan would have 0% down while the conventional loan you could have as low as 3-5% down (with PMI paid monthly or within rate or split premium).Also, you only have VA entitlement (if not already tied up else where) for usually one property or home so by using conventional you can keep an ace in the back pocket or conversely you could do a low down conventional low with no monthly MI and keep the VA in the back pocket for emergencies or future planning (in case you plan to move out to get another primary shortly after 1 year again).VA loan also has a lot of YSP or yield spread premium so you can do no down and no closing cost pretty easily or use the credits towards paying off the VAFF or taxes/interest/insurance etc while the conventional loan does not nearly have as much YSP or lender credit to offer so your ability to strategically plan with your rate is not as readily available as VA.Generally, I'd say VA all the way 90% of the time but there are reasons to keep it available.