NASB with Jason Zook had an appraiser who low-balled my appraisal by using a city about 20 miles away as comps on a quad plex cuz nothing sold within 6 months in my city, instead of using comps from 12 months ago.

Now all you have to do is find (preferably) a 4-plex that you can do up while you're living there, that will cost you no more than 70% (all-in) of its ARV appraisal, and whose Rents will generate positive cash flow even after you refi into a higher mortgage amount.

My second purchase I'm hoping to move from my initial purchase to a 4-plex and use my VA loan after roughly 6-9/12 months.

I can see why you might want that to happen - buying ONE 4-plex under the same FHA arrangement that only requires you to put 3.5% deposit down - but realistically, it wouldn't be practical/economical for you to spend the money to combine them; and of course, mortgage fraud is ALWAYS out of the question, right?

Interested to hear feedback from the community:16 units (Two 8-Plexes)Purchase Price: $450,000Closing Costs: $30,000 (this seems high, but I'm assuming includes sponor's fee)Total Price: $480,000ASSUMPTIONSAnnual Rent Increase Assumptions: 2%Annual Operating Expense Increase: 2%INCOMERental Income: $9,500/moVacancy Loss: $903 (9.5%)-----------------------------------Gross Income: $8,596/mo ($103,170/yr)EXPENSESProperty Taxes: $452/mo ($5,434/yr)Insurance: $375/mo ($4,500/yr)Utilities: $1,200/mo ($14,400/yr - hoping there may be a way around this, but I think included utilities are standard in this market)Maintenance & Cap-Ex (15%): $1,425/mo ($17,100/yr)Property Management (8%): $687/mo ($8,254/yr) --------------------------------------------------------------Total Expenses: $4,140/mo (49,687/yr)Expenses as % of Gross Income: 53.09% (numbers seem reasonable, but % seems a tad low; I've heard multi-family is usually around 60%)Net Operating Income (NOI): $4,456/mo ($53,483/yr)CASHFLOWNOI: $4,456/moMortgage (25% down, 5/20 ARM, 5% interest): $2,227/moTotal Cash Flow: $2,229/moEQUITY ACCRUED: $10,082/Year 1TOTAL RETURN: $36,837/Year 1TOTAL ROI: 20.68%CASH-ON-CASH RETURN: 15.02%The return figures include the sponsor's/syndicator's equity stake and PM fees. 

A 5-plex is for sale in my hometown and I'm a beginner real estate investor.

I mistakenly doubled the insurance costs I was paying for my 4 plex to use as the number for insurance on the 8 unit.

I have a duplex and a 4 plex that they manage for me (looking for more). 

As mentioned above, your best bet would be a 4-plex.

I ask becasue I'm looking into a deal that has two 4 plexes (separate buildings) sold as a package deal.