@James Charles The idea behind a short sale is for the seller to ask the bank for permission to sell the house at a price less than what they owe, with the bank receiving all the proceeds, satisfying the seller's debt.

I am 29, 750+ credit score, $120k annual income, no debt outside of my current personal home mortgage ($325k).

In podcast 163, Bill Allen mentioned that there is a cap on how much total debt a veteran can take on.

Gross proceeds means any cash received or to be received for the real property by or on behalf of the transferor, including the stated principal amount of a note payable to or for the benefit of the transferor and including a note or mortgage paid off at settlement."

our loan is for 153,000, payment with tax, pmi, and home insurance is 1115/month. 30 year 3.5% fixed rate  Our additional debt is 1700/month with my student loans, small credit card debt  and our cars, we are a nervous wreck and worried about denial because of my student loans, we have pleanty in the bank for downpayment plus additional payments, (seller is paying closing) would they submit our stuff if they felt it would be denied?

I believe the refi will be difficult and only to a terrible LTV.Remember, a legal entity "stands in the place of a real person", and if you were to refi your personal home, they would be looking at your DTI.This makes the point "Does your LLC have any income to service debt?"

DSCR:-  debt service coverage ratio. 

Mainly because people in the state have bad credit, or younger people have high student debt which needs to be paid down.

Now, nearing the end of the career, we are using the "debt snowball" to pay down and then pay off the properties we still hold.  

Tony - one last point I'll add to my suggestion above. . . as it applies to me personally, I still owe $172,000 in outstanding student loan debt.