Would recommend documentation to make sure you’re covered if you have to go to court to evict.

You will need to completely cover all new flooring for protection as well. 

The other thing that you can do is find a HML who will allow the seller to cover the down payment then seller finance the downpayment.

Set small goals and leverage rent to cover costs.

You VA allotment can cover more than one property so not all of them have to be owner-occupied.Thanks for your post John.

Also do you have savings on the side to cover lender payment for atleast 6-12 months if you are unable to rent this thing . 

The example scenario would be if I bought a $1M property, the bank is in first position and covers 800k of the property cost, the seller agrees to cover cost of down payment and covers 200k of the property cost.Let's say we can no longer make payments on the property and it's foreclosed on.

Rent by the room gives you the opportunity to get more renters to cover the mortgage, making it easier to stabilize the asset.

Or if my landlord homeowners insurance policy will cover this?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.