but he is online with Assurance Financial

I would think that someone that has done a major renovation like this before would have a better chance of making money on the deal.

I still see comments online that you can only have one VA loan.

One reason I don't predict a major crash again well a few.. and why I think fence sitters may get a sore butt.is that so many of the NEW crop of landlords are better prepared than pre 08  they have more money into the deals they are far more educated.. the turn key business is far more mature and reliable than pre 08... so that helps those markets. financing has been locked in at historic lows 5 % and under long term money is ridiculously good.. also this crop of landlords had the best buying seasons ever coming out of 08 to 2011.. so asset values were reset to under replacement values and under by a long shot in some markets.. 

It is absolutely vital I have AT LEAST first months rent to cover the majority of the mortgage while I fix up the other unit.

When you make your pre-offer inspection you might see something obvious during that which makes that decision obvious and its age can give you some concerns about reusing the major components that gives you some concern about that which means you will have to remove sheetrock to repair that. 

If you put it under contract have it inspected to determine the current condition and life expectancy of all major components and appliances.  

I would not do this deal for the following reasons:-Austin has had a tremendous run and while I do not see a huge downturn, I do not see how the run can continue at this level-Huge number of rental units coming on line that will bring down occupancy levels and rents will follow-Your $160 per month HOA fee WILL jump once the complex is sold out. 

That’s the hurdle.I do have a long email into an online private money and Hardmoney lender telling them my exact situation, maybe I’ll hear back from them today or tomorrow. 

As we just got started I just wanted to see if anyone sees any major mistakes in how we ran the numbers.