Not sure that $40k would get you there on a multi in Cincinnati, though I could be wrong. 

Wrong market, wrong area, bought wrong price point, flipped and went bad, leveled up at a bad time etc. 

I think I may be asking the wrong questions.

I had assumed that if I refinanced my loan (I now have greater than 20% of the houses value covered by equity), that I could reset my VA eligibility.If that is wrong, I would love to be corrected

I understand the competition is hot in Florida and multi families are priced really high right now.I check the online sites regularly and find duplexes listed for ~200k but they're usually already remodeled, so I assume there's a deal or two somewhere..I should add that I'll be using FHA financing so maybe fixer duplex is the wrong description, dated perhaps, so I could still use the FHA loan if that makes sense.

Uncle Sam can tax the life out of you if you get it wrong. 

Unfortunately for this slumlord he just rented to the wrong person.

Seems like most condos are in Dallas or Fort Worth and just a scattering around other cities.Lots of issues with condos as rentals....lots of rules and regs your tenants may not follow....trash out on the wrong day. 

I understand the competition is hot in Florida and multi families are priced really high right now.I check the online sites regularly and find duplexes listed for ~200k but they're usually already remodeled, so I assume there's a deal or two somewhere..I should add that I'll be using FHA financing so maybe fixer duplex is the wrong description, dated perhaps, so I could still use the FHA loan if that makes sense.

I may not be using the term "gain" properly...or maybe I am and I'm getting the valuation ratio wrong.