Quote from @Jerome Boudreaux: I hear a lot of people mention how powerful the VA loan is and the more people I ask the more I realize no one can give me good in depth answers.

For example over the last four to five years a lot of people went out and bought STRs thinking it was going to be a great investment only to find out that the numbers did not work a year later and needed to try to use it as a LTR to make ends meet. 

Wanna know what they have in common?

What made you interested in investing in this type of deal?

A couple of assumptions I see here stand out to me.

The main thing is that a good appreciation won't give a good cash on cash in the short-term but it will be good in the long term.

They required me to have reserves, experience, describe what I would do with the property and they did an appraisal on the property. 

Purchase price: $122,000 Cash invested: $41,000 Value after renovation $175,000.Closing $ 31,000 Renovation $ 10,000 How did you add value to the deal?

The apartment building needs work all 4 units (60k) trying to decide what makes most sense.

What pitfalls are their to watch out for?