To be a decent rental the house needs about (conservative estimate) 11K of work (vinyl floors, paint, minor repairs, some code compliance issues, new counter tops appliances, etc.

The property manager said we only had space for two cars and she wouldn't allow us to have a third space paved. 

In terms of pure RE like with any huge city space is at a premium so except a tiny living space but from my travels to Europe that is also true there (if not more so).

-About 500 sq ft of random areas of outdated 80s flooring-Water heater is from '91-A/c 6 years old-Roof looks good-Mandatory $100 social club fee at the Weston Lakes Country ClubThe house next door sold for 205k. 1740sq ft it sold outdated BUT had 3 bedrooms.

FYI: I don't rent that parking space to her.

The contour goes through the property but floor elevation was above the ground.

They're great for small businesses that simply need a desk, four walls, some cabinet space, and privacy.Leases currently begin at 1yr.

They would request that the owner make repairs to the building before committing to the space on a new lease.

In either case it will cost more to finish that space than it will bring in an appraisal. 

2. my second Option / thought is to use my VA loan, and purchase a nicer home / one that will rent for $1,300 - $1,500 a month ( afer the 1 year O.O. rule is meet ) , and plus I can technically get in a " Future " rental for 0% down .I could find an REO/foreclosed property that needs minimal repairs ( since VA loans are quite strict on the condition of the property in order for it to qualify and get approved for a VA loan ), and then do some updates ... paint / flooring while I live in it for 1 year , and then repeat the process of doing a Cash-Out refi and use the money for a down payment of 20% down on another $80,000 - $10,000 property.... wash ,rinse,repeat3.