The 3.30% VAFF only applies to 0% down second use of VA.At 1.50% VAFF you'd probably only need to take the rate to 3.50 or 3.625% to put this VA loan on "par," with an equivalent conventional loan.

So what's the point of understanding Cash equivalency if its not practical?

I also understand that I would need to form my company as an LLC or equivalent. 

Either get Buildium (or equivalent) and manage each property as an owner operator, or jump through the hoops of getting your real estate license.

That's where I'd focus my exterior budget - good gutters, good lighting, fresh paint, and flower pots (or equivalent landscaping) flanking the entry.

I am looking at a property on auction.com and the terms are:Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property).

The agent posed that we offer a price equivalent to the cost of land and maybe the roof.

=============================================================================Side note:I want to apologize if I am coming off as being either snide or brash to anybody, but some of the responses I am seeing are equivalent to asking a hunter if he's certain he put the right end of the rifle to his shoulder.  

I call this "Rent Equivalence" and I put it into the Gross Scheduled Income (GSI), even though I'm probably not going to write a check to the landlord.

I also thought that once fixed and cleaned up with a new paint job, older rental houses would command about the same rents as equivalent-sized newer housesAccording to HUD (Housing and Urban Development), about 500,000, lower income rental units are disappearing in this country annually.