Your loan amount would then be 155k - at what 6% or so?

I'm a new real estate investor just looking to get more knowledge on how FHA loans work.

One of the big benefits of buying the whole thing on a fixed rate loan is that one of your major expenses is fixed for a long period of time, including the cost of the land. 

It recently dawned on me the idea of a non military affiliated individual assuming a VA loan, would this individual be able to then also gain the benefit of using an IRRRL since they have now acquired a VA loan through assumption?

Focus on one task at a time, like getting pre-approved for a loan or analyzing a few deals in your target area.

Most hard money loans will not cover rehab costs.

Owner occupied loans have allowed us to purchase properties in markets with heavy appreciation, and potential for huge rent increases.

This allowed me to get a construction loan to repair the other buildings and repay my investment into the property.

If the lender is licensed in the state you're buying in, then they can do the loan.

I have found some information that might be helpful John.There are government backed programs like Fannie Mae Homestyle Renovation Loan and Freddie Mac Home Possible Renovation Loan, in addition to the FHA 203k loan.