If you are worried about more general features like two modes of egress, closet, etc, that's just being familiar with your construction code for your State/area for what legally defines a bedroom.I hope that helps.

Will all those bars and restaurants survive, and what will the landscape look like?

They need to lend money to survive.

I won't forget that when we are ready for our LTR's here (currently in STR mode out of state). 

One more question I have is whether bankruptcy wipes away any of those liens because it appears the previous owner filed for bankruptcy according to public records.Liens survive BK.

The advantage in the percentage model is that I know how much money I need to come up with and once I refinance I can give the investor back their capital and own the property outright (which is my main goal).

But as the post above mentions, you aren't eligible for a VA loan unless you have served or unless you are a surviving spouse. 

They want to survive. 

Paul - I can say with some confidence that the classic 60/40 model is not well positioned for the years ahead. 

If you can survive a down turn.