Anish Tolia Would you not consider an executed P&S Agreement (i.e. the rights to the property) an asset?  

The main advantage of a 15 year loan are:1) lower interest rates2) forced savings for less-disciplined peopleHowever if you are certain you are going to sell or pay off the home in a short amount of time you could consider an ARM as they will give you the lower interest rates with a 30 year term.

If you want RE and something passive that is likely to produce better return maybe consider an established syndicator (do your research). 

Nothing about any asset in the US is cheap except 30 year fixed rate debt (which I consider an asset)As long as people understand the risk, but IMO they don't because they're sold index funds as low risk.

You might be hard-pressed to find anything that cash flows in areas where most would consider an ideal place to live. 

I don't consider an application received until I have all the supporting documentation, picture ID, and payment.

My thoughts:1) try driving for dollars in your target neighborhoods, find run down properties and send a piece of mail to the seller asking if they will consider an offer.2) Mail, call and text.

@Hans Baum Seller can potentially lose that portion entirely if new buyer goes into foreclosure or short sale, so most who will even consider an assumption usually require a buyer who can go through proper VA assumption process and substitute their entitlement.

What do you consider an expensive course?

As I've explained in other strings, most HomePath properties have multiple offers at the get go so I generally would not expect that they'll consider an offer more than a few percentage points off list and I would always expect a counter.