There is an amount that you can distribute from an IRA account to purchase a personal residence.You then might be able to turn the personal residence into an investment property.Best of luck.

The incredible amount of profit on the upside, Iconic Bellaire demand, Passion for creating & building How did you find this deal and how did you negotiate it?

MOST things you read online say the VA assumable loan is intended for primary residence and you must occupy the home for certain amount of time.However, according withroam.com which specializes in VA/FHA loan assumptions, you can assume va loans for investment.

Is there a certain amount of savings or financial cushion that experienced investors recommend before jumping in? 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Section 8: Rents are too high for the program and cash paying tenants are better overall.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsSection 8: Rents are usually too high for the program.Class C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

They will ALL try to up your rates, but you can usually mitigate the amount of the increase with a new 4-point and a call to your agent.If my carrier changes because my agent found a better deal, they typically want to come inspect. 

Plus the amount they paid just about paid my mortgage.

This sounds like it could be a good deal for the partners, and perhaps the bank, but a terribly risky deal for you, with little upside.What exactly do you mean by, “There will be a promissory note drafted for the amount and the duration and interest rates”?

I'm curious what amount of coverage to shop for? 

I don't see you getting a huge amount of cash out of this property with a new loan, anyway.