It puts me in a position of barely being able to cover expenses.

The property can just about cover the refi in year one.  

If you’re interested in assuming a VA loan, you will be required to purchase the home in your name and have enough cash to cover the seller’s equity in the home.

It can still qualify if it's a fixer-upper, as long as the rental income from the property can cover the debt service.

The rent from this property covers the mortgage.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

That leaves $400 to cover taxes, maintenance, vacancies, etc.Now, let's pretend ALL your expenses come to $2,600 and you have $400 left over.

All which they cover in the training. 

But if you have an owner-occupied policy while not actually living there, then you don't have the right insurance and may not be covered.

Since all parties are willing and cooperative, still use an attorney to draw up paperwork that covers all contingencies and all parties' interests.You'll be glad you did.