How to do it right legally is another matter.

As someone living in DC now, I can tell you there aren't many LEGAL multiunit properties.Third, the VA loan gives you more than enough rope to hang yourself.

He then lectured me on the point was, to gain $1 million in debt and be able to make your payments and service your debt.

I’ve already gained a lot information just from reading the forums.

They are saying your request is cancelled and you owe us $80.Now I'm concerned about the legality of the document and if I'm obligated to pay more than the deposit in this condition when I eventually agreed to move in on the decided move in date.I'm ok paying them to avoid the situation of them reporting me to any Credit bureaus for $80 but I'm curious about the legality of the document.

Lots of legal implications.

Legal lending limit,  geographical restrictions, 5/7/10 year rates, Amort maximum, DSCR Req, max Leverage, banking relationship. 

@Kevin Fox, I have a property in north county (Vista) I purchased in 2009 that has gained a large amount of equity, though in  9 years the rental comps have not shown any significant rental increase. 

Not only do you get to create equity from the rehab, but you also get to live in a brand new home, which you can sell capital gains tax free in 2 years. 

Most new construction these days is from class A apartments due to land,legal, construction materials, and labor costs.