We haven't nailed down a specific address yet but the contract spans multiple counties.

@Joshua McMillion nailed it: house hack with your VA loan while you continue to learn and grow your network.

I am still nailing down my strategy but you make some good points about considering short term in my local market.

I think everyone here has basically hit the nail on the head!

It is important to nail down the responsibilities of everyone operating agreement. 

You hit the nail on the head with these words, "my intentions are to learn what others have done in a similar situation". 

@Joe Splitrock, you hit the nail on the head. 

You must know the rehab budget and nail the ARV (it can not be a guess or estimate, it must be based on actual sold comps in your area.

If we decide to put in an offer, a successful bid may end up being in the 420k price range.For next year's (2022) property tax assessment, can I assume the county will not stick to a max 10% cap on the assessment (320k+32k) since this is an investment home and instead it can be at the minimum, my purchase price or more?

I would max the VA loan out too because once you use it one time there is a cap on it if you try to use it again.