In my opinion, flipping is one of the highest risk activities you can do in real estate and the odds of finding a viable flip off the MLS in this market is highly unlikely.That being said, I still want to encourage you to look for off market deals - they're definitely still out there. 

Very odd situation and was just shopping but am curious what others think.

Once this has been signed by both parties you have a nice and tidy lease.The trouble with moving it to your lease is that the odds of all the terms being the same throughout the lease are scant and it would be difficult to move them to a new lease with different terms without it being a substantive change . . . which if the tenant doesn't mind then it's probably not an issue.  

Odds are good it will never come to eviction.

In most states the hard part is officially notifying her of the court date.If she moves to another state, your odds of collecting drop to near zero. 

Odds are good this deal just fell through because neither you or the seller has the cash to make it right.

Real estate brokerages in their training of agents claim this is the most effective lead generation although I think I have the odd demographics of people I know who aren't even in houses to begin with.3)  Get more lists for idea 1 by targeting houses in forbearance; divorces; and probate.  

Vast majority of buyers are conventional and the fewest number of buyers are VA so the odds are in your favor. 

Odds are pretty good that it's not worth pursuing.The bottom line: you have to treat this like a business.

We found that odd too, so I contacted 2 other lenders today.