The GC is a business person who doesn't care about your ARV, LTV, or your budget.

Yes you do have to pay PMI when you do this but once you hit 20% equity you can get it removed if you buy with a Conventional loan as opposed to an FHA loan.

I'm feeling most drawn to a buy and hold rental investing strategy and like the idea of the BRRRR strategy in tandem with VA loans, basically refinancing VA loan backed mortgages to conventional loans once there is 20% equity in the home.

Because with an HOA in tow that means your not doing it alone, you have active "partners" who will be taking care of a slew of things so think of it like training wheels. 

You just have to make sure you're using someone that actually knows what they are doing and not someone that throws it to a lender that specializes in Conventional Loans.

A/B/C? Are

You need 6" clear from ground to bottom plate, and ground must slope away from house...5) Any place that water can enter the house (doors and windows, skylights, where roof meets eaves, etc...) should be checked thoroughly, if it's not raining on inspection day, you have to be really careful with this...any suspect areas, put a hose on them....

Be careful!

They didn't pay for it, so they don't take care of it like an owner.Before you make assumptions about costs based on a seller's contribution to improvements, find out what they improved? 

LLC is pass through income so have your bookeeper or CPA take care of everything at the end of the year for your tax documents.