In either case, you should verify that you are eligible to transfer the funds from your existing retirement account (e.g. if the funds are in your current employer 401k, you will likely not be able to transfer until you quit your job). 

If so, call a mortgage loan officer and see if you are eligible for an FHA 203k loan.This loan product will allow for you to put little money down, and it will give you funds to fix up that unit that is gutted.

Those are the fundamentals.

Rural areas (interpreted VERY loosely) are eligible, where areas with more population density are not.This link will take you to a map where you can enter the address to determine eligibility.  

Costs are way down, if you need help sourcing wholesale materials I have some good local contacts… Is the property eligible for vacation rental usage or licensing/permits?

That does not mean ignoring the cash flow or appreciation fundamentals.

I just looked into the eligibility requirements and unfortunately I don't qualify for the traditional methods of qualification.

However, I'm at the point where I've exhausted my VA eligibility and I'm investigating strategies to restore it.According to the official VA website (www.benefits.va.gov): Veterans can have previously-used entitlement "restored" to purchase another home with a VA loan if:1. 

Washington DC area (The City, Northern Virginia, Parts of Maryland), although not recession proof, have strong fundamentals to weather a down economy.

Typically it's a bit tougher at that level - if your DTI and FICO is good enough, you may be eligible for an unsecured personal loan.