Regarding insurance adding additional umbrella insurance is great idea. 

If the deal is right you can use hard/ private money to finance the home purchase and some or all of the repairs, then do a cash out refinance to pay off your hard/private money. 

Purchase price: $376,613 Moved to Orange Park, Florida, from Delaware three years ago, choosing this home as the perfect place to settle and grow.

If they have a good interest rate it might be worth looking to see if you could assume their loan to take advantage of the lower rate.  

They are a dual military couple so will use their other VA loan for their next house.They are willing to let us assume their current loan.

@Danth Aman I'm assuming you're doing a general home inspection?

So I want purchase it as my first rental property it's going to need rennovations for sure not terrible shape just older rancher home.

For an SBA hotel loan, the SBA may guarantee say 30% of the loan and a traditional bank takes the next 50%...total LTV/LTC of 80%...will vary by business but it's higher/better than the previous replies (otherwise, you would just get a traditional commercial loan without the SBA involved). 

Many DSCR programs require an investor to have a mortgage history- there are some DSCR mortgage programs that will work with investors who are renting- some refer to them as first time home buyers (FTHBs)- DSCR loans are only for investment properties where the owner isn't living there. 

I have a followup question - I will realize a lot of capital gain from this home in Idaho, so I think unless I purchase a new primary residence I will have to pay that capital gains tax.