Most lenders are going to be limited to 70% of ARV ($560,000 total loan amount) but that means they could fund 85% or a bit higher of purchase price + rehab ($560,000/$645,000 = 86.8%), which is solid.

So the though Hey I have an 800 fico and I should get a loan does not work.

House Hacking using the VA loan to live on one side while renting the other is great.2.

Buy the house and loan her the money. 

Loan is just over $108k. 

There are likely work arounds and you will need to discuss with a loan officer.

In today’s market most homes will be worth more than their outstanding loan balance unless they are VERY recent purchases with little to no money down.

Since you will be renting it out you should get a conventional loan.

Research the area's nuances, understand BRRRR financing strategy, network with local investors, analyze potential deals, use VA loans wisely, explore financing options, and network through investor groups.

Deductible expenses include renovation costs, loan interest, and holding costs.