Chris Ramsey sells a guide/ coaching on the topic of contractor garages.

I recommend you print, study, and highlight the HUD guide: https://www.hud.gov/sites/dfiles/PA/documents/HUDAsstAnimalN...You should also check with a local HUD office to see if they have any additional guidance they can provide you.Keep in mind, not everyone is subject to Fair Housing requirements and you may be exempt from allowing the ESA! 

Here's a guide that describes what good cash flow looks like and how to analyze a property.https://www.biggerpockets.com/blog/rental-property-cash-flow...

It might be wise to get an attorney now while you can take in some rental money to pay him/her to guide you through your options.   

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..

Working with a lender who does a lot of VA loans will also be useful in this situation as they can help guide you based on their past experiences with foreclosures in the area and appraiser's.

Patrick,When you deal with a smaller lender or a broker they have tough guide lines and something called "overlays".

I would hire for them for their expertise to guide me on what I do.

I'm new to this business, and feel as if Norada can really help guide me through this for the first time.

I detail a lot of this in my podcast I have been hosting for 7 years called The Investors Guide to Memphis Real Estate.