I mentioned signing a month-to-month lease after closing but the seller doesn't want to spend any more money, since we're already buying the property up for about 130k below its market value.

But that doesn’t mean the info is outdated.

If the property doesn't match that, then you move to the next prospect.

If you purchase a property with a VA loan, but it doesn't cost as much as the maximum eligibility price in that area, than you can borrow again at a later time on another property up to that maximum.......another, If you move after the one year and want to apply for a new VA loan, you can refinance to a traditional loan on your first property and you free up the entire VA loan eligibility. 

As far as pulling equity it doesn't seem like you would have enough to do a full down payment on the 2nd since you would have to purchase it with an investment loan at 20+%.

Someone with a builder's license who doesn't mind putting some time in should be able to beat this price quite easily by contracting out the trades or using their own guys who may be paid hourly... 

This prevents hugely inflated prices for a finished basement (we all know a finished basement doesn't add THAT much value). 

As traditional small B&B's are, my house is an owner occupied income producing property, but it doesn't fit into "residential" loan requirements.

Tenant wants to hide something and doesn't want you coming around until they are completely gone.2.

I did run some options with him, I asked him if he ever thought of renting, and he said he doesn't want to deal with tenants.