Another neat little piece of VA loans is that they can allow for higher DTI ratios than conforming/fha loans because they primarily rely on residual income and not directly on DTI (it's complicated, but this will do for now).

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Based on 27.5 yr straight line depreciation, that's about $1,700 of missed annual depreciation; $25,000 over 15 years - and at an ordinary tax rate of say 30% tax could amount to $7,500 off my current tax bill. 

Quote from @Fred Scott: Sunrise Capital Investors - Mobile Home Park Investment FundI've seen a few posts about them here but none of them actually talks about what the actual annual returns have been.They are advertising heavily for passive tax deductions which is fine but what are the actual returns over a period of (say) five or ten years?

As for financing, on a conventional loan if you do not need the rental income to qualify then you would not need to have the property rented but if you do need the rental income to qualify then you would.  

There are only 2 ways, as I see it in the current market, to get actual income/cash flow from a rental property - a paid off long term/mid term property or a well bought short term or rent by the room rental.

They already "made it" via what there doing for active income. 

Don’t stress the lower income; house hacking is great because the rent helps cover the mortgage.Both Central Florida and Tampa are great, but Tampa’s been my playground for over 20 years.

Quote from @Matt Bridgman: I believe the LTV for investment side of UWM's HELOC is 75% and it will be a full doc loan so their will be income qualifications.

Their pro formas felt optimistic with providing 6% annual appreciation and property management that is only about 6% of rent so I take it with a grain of salt (they offer their own property management services but it has terrible reviews on Yelp so I would probably go with someone else).