If they are older, they will value safety, interest, saving money on taxes. 

I don’t know what are benefits to this approach other than perhaps a safety net to learn about owning property and managing rentals.

No one can buy with a conventional loan, doesn't meet health and safety codes.

The VA loan is structured to protect you- the property cannot have any health or safety code violations.

With the career change however I'm loosing that advantage, and additionally the stable income. we have a very nice safety blanket but i would prefer to make that money start working for me while I'm still in, creating additional assets that will provide a stable enough income to continue to grow my investment portfolio.

Most of the issues that could come up on an FHA appraisal are pretty common sense; mainly safety hazards and structural issues.

You have a razor thin margin here 200k sounds like alot but it can.

Make sure you are following one of the rules such as the 70% rule, or whatever percentage your market allows, and you will be fine leaving enough safety cushion.

You need health and safety items in and working.

Additionally, since a tenants in common ownership arrangement allows each person to maintain a different fractional interest in the property, the amount you can expect to invest may be flexible, depending on the size of your ownership stake.Opens up the potential for diversification and safety Given that the barrier to investment is lower with a TIC property, that offers many investors the chance to diversify their portfolios and invest in multiple properties.