I’ve bought a rental home with the VA loan and am about to use the other half (YES THERE IS ANOTHER HALF (usually)) to buy a fourplex!

I started this year and just bought my second duplex in Roundtown.

@Wayne Brooks  and or for tax reasons.but I would wonder is it not financially feasible or just not something this guy wants to do.if it has market value buy it and resell it.. if its in an area like many markets were bare lots have zero or negative value since existing inventory can be bought for less than replacement cost then.. its a tough one if they are adding value to the price of the home.out our way extra lots are GOLD and highly sought after.

So...the story is, not gonna be long :) I and my partner recently bought this house but the mortgage is only under my partner's name ( I currently live in the house with my partner) .

My risk tolerance is perhaps greater than most as I bought these site unseen while living on the other side of the planet (literally), but I also know that the rents in the market I bought are paying more than double the mortgage and I've got a trusted team on the ground. 

I would try networking at a local real estate meetup and finding out how people in the are finding off market deals.I bought my primary house as a shortsale, paid $161K (at the time I called it the "cheapest house on Long Island" hahaha), put in 5K, and I believe it would rent between $2K to 2400.

I'm in NY and insurance companies licensed to operate in NY may not be licensed where you are.Also, I own rentals and engaged in several other businesses, and it's best to know and use an experienced insurance broker in your area, preferably a local one.I once bought a business for someone who had his business in an S Corp., didn't realized when his business get sued, lawyers normally sue the entity and the owner personally as well.

If fixing the house is more expensive than just demoing and redoing it.THat is the simple answer.However you also need to take into account that even if redoing it is (slightly ) more expensive than just fixing said sheetrock... know that a full gut, will result you in a brand new house interior... something that fixing and patching will never even come close to.

We bought it for $155K in 2002. 

I have bought houses where the tenants jumped the meters,but now most power companies have smart meters which prevents this type of theft,it still the electric company responsibility to supply the meters stolen or not,