Luis,you can't use VA loan to rent it out. the VA means you need owner occupy. second, if you are looking for long term rental, you need to look at the job market in PR. 60% of people are on state assistance and not working.

My condo fees are $285.00 a month, property tax is $101.50 a month and utilities usually run $100-150 a month.I currently occupy this condo but am timing my savings to have enough for a higher % down payment on a larger property by the time my condo is 20% paid off.

FHA will not work typically with distressed properties and you will need to owner occupy it for at least a year.Refinancing depends on the lender.  80% or 75% LTV is pretty standard.  

No more than one family may occupy a dwelling unit.

We will occupy one of the units as our primary residence and we will be using my VA benefits.  

Once you own the property and plan to occupy it, make renovations, you can hire an architect who works the area, also does expediting to do a walk through.

Well, that time of year, and although I've started to slog through TurboTax, nuanced and unclear questions are already propping up about my purchase of an owner-occupied rental.

I haven’t been able to find any bank that will do a mortgage on an investment mobile home. 21st Mortgage will do one on an owner occupied mobile home but not on an investment.

Here are the Caveats though, you can only refinance to get the amount of your acquisition cost back out + roll in refinance closing costs up to 75% LTV on a non-owner occupied property and or up to 80% on an owner occupied property.If you want cash out beyond the acquisition costs, based on a higher appraised value, you must be on title for 6 months and you can do 75% LTV on a rental, and 80% on an owner occupied for conventional loans.You can do cash out on some portfolio loans immediately after purchase to as long as 6 months after purchase.

If you have a home like that, you will need a 203K loan, or hard money and hard money is not for owner occupied usually.Regarding buying at a discount, it depends.