Excluding the lien on the property from the credit card debt, just speaking for the VA loan, I would sit down with a loan professional and ask some questions.

I seriously doubt the insurer will pay the claim because this is illegal and probably specifically excluded from the contract.  

I have read the BP post on REI Business Plans, but is there anything else you would include/exclude?

How late is too late ....more then once  (excluding disasters/ death etc).   

Capital improvements do not include the following as set forth in the regulations: correction of serious code violations not created by the tenant; improvements or repairs required because of deferred maintenance; or improvements that are greater in character or quality than existing improvements ("gold-plating" "over-improving") excluding: improvements approved in writing by the tenant, improvements that bring the unit up to current building or housing codes, or the cost of a substantially equivalent replacement."

Generally, If it was his primary residence 2 out of the last 5 years he may exclude up to $250,000 single or $500,000 gain joint on sale.

I have a friend of mine who uses two personal balances sheets...one for the bank and one of "invested assets" (and he excludes his personal residence, retirement accounts AND his business worth from the invested assets BS because he wants to see financial freedom assets and cash flow without them)."

No work needs to be done whatsoever for it to be rent ready (excluding a couple things with the back house which I plan to negotiate after the option period).

All the would-be "house hackers" will not even notice these homes, because their search criteria is excluding SFRs.

I'm sure there's a reason, but why did you exclude Brunswick, Pender, and new Hanover from the southeast nc list?