None of these are meant to imply you can't do it, but I see a lot of risk that needs to be addressed ahead of time, to protect you from losing your investment that is in someone else's name.  

If you are purchasing in a cheap market, you are in a market that historically appreciates less than inflation which implies in real dollars (inflation adjusted dollars) the RE is depreciating. 

@Cameron Riley sorry, I didn't mean to imply that you were discriminatory. 

Implied NOI of $37,500. 

The tenants made comments about how things were new in the 90s like implying they want things updated. 

That would also imply re-deeding it to our REI company.

I had a conversation with someone a while back who did exactly what people have "implied" about using the VA Loan but not in the way they are supposed to....Here's what happened to her.....She got the VA Loan.....and suddenly at the last minute decided not to occupy the property....and subsequently decided to rent it out to a relative who she trusted......You know the rest of the story...........Relative and her got into an argument a few months after the "relative" started renting from her......relative decides she isn't going to pay rent until things get settled......THe veteran can't keep floating that mortgage payment,...and the "tenant" knows this.....threatens to tell the VA Lender about the fraud, etc....After all....those "courtesy" notices are being sent to the property to the OWNER with her name and it has the Loan Number, the amount, etc...it was all bad.Someone else I had a conversation with did the same thing...only he rented to a tenant that he screened.....tenant sees all the VA stuff from the lender and from other banks coming in the mail and tells owner about it.....owner says ignore it.

I used to call the 4 Ps  list it and duck.. lolmy wife was a trainer for Floyd Wickman  you and her are cut from the same cloth.. by the time you get 10 plus years in the majority of your business comes from referrals.. not a month or week goes by that she does not get a call.. 

If it implies that you may lose touch with some of your family members because of you buying this property, think again if that's what you want. 

The notice of sale implies that the opening bid may be too much (The notice of sale tells you what the total debt is, but is not always what they will open the bid for and many people see the total debt and figure its not worth bidding on).