Continue that cycle until you get a good applicant.

I'm not sure of the various features of VA loans, but based on the post I'm guessing your limited on how much VA loans you can use.

There has been a limited supply of new construction multifamily, but those properties have been a better fit for 1031 exchange investors or owner occupant investors living locally.

My recommended purchase/rehab limit per unit is under $80K for SFH (3 bedroom) and under $50k/unit for MF. 

In the past few weeks I charge more then the usual maximum 30% of the Credit card limit.

I currently have one business card each for both of them through capital one that I got using personal guarantees but the credit limits are very low (1000 and 500 respectively)but I keep the utilization rate sub 20%.

So if the multiunit property is the SFH loan limit you should be okay to purchase but you will need to live in one of units.

Is it an LLC, a limited partnership etc...

They do not want to owner finance it and then new owner runs it into the ground and they have to take the property back worth less than when they financed it.You have to be careful on giving full guarantee on  a project if you have limited experience just to get into a deal with owner finance.

It should be part of your application to disclose all debt.