Good morning @Joshua MartinGreat thing about a VA mortgage is you can do an IRRRL even after you have moved out of the property!

If i buy a property only to cover the mortgage, then come out of pocket for repairs, then it sounds like more of a flip than a rental property.If cashflow doesn't cover all the operting expenses, it doesn't necessarily mean it is a bad investment given appreciation.

Much less paperwork involved with a DSCR compared to a traditional mortgage if you're familiar with that process!

The parents owe roughly $40k on the mortgage. 5.

Traditional Mortgage.

Renting to Section 8 Long-Term TenantPurchase Price = $250,000Renovation Cost =$3,800Appraised Value = $270,000Monthly Rental To Section 8 Tenant = $2,800Monthly Mortgage Payment = $2,100Monthly Reserve for Maintenance and CapEx = $200Monthly Cash-flow = $500Another investment property was closed and added to my rental portfolio.

When it was all said and done I still ended up being able to pull about 5 to 10k more out of it than I put into it.Current mortgage including taxes and insurance is $1,519 and it's currently rented for $2,546/month.Yes, you can buy a house at auction that you then flip and sell for market value.And yes, I have participated in online auctions.This reply is over a year old, but did you have the hard money lender you were using already in place before you bid?

These products allow you to purchase a home that may need some work and roll the renovation costs into your mortgage. 

in what I just laid out, you'd make monthly payments to the seller just like you would to a bank for 5 years, and then the remaining principal balance of the loan would be due, at which time presumably you would refinance the house into a commercial mortgage and use the proceeds to pay off the seller. 

One thing to note when getting conventional mortgages and spouses.There is a 10 limit per person for conventional financing.You can either do 10 conventional in each person's name which would be 20 mortgages for 2 people or if you do the mortgages jointly, will only allow 10 in total.My thoughts are not to own joint assets until you are both married.