I love technology and design, so I figured I would get my Masters in Architecture, and eventually be an architect-developer.  

The VA loan can be a great tool for someone starting out on their first purchase but there are some unique factors that have to be taken into consideration. 

Some owners can though, just want to clarify that before you spend to much time looking into putting something together.Also, make sure you factor into your numbers the ages of all of the major capex and where it is at in its lifespan.

Either the seller needs to pay the lien at settlement (if there is a lender involved... see below) or the buyer needs to factor in taking care of the lien immediately.

FHA borrowers who want to initiate a loan assumption should discuss their needs with the loan officer to see what may be required in terms of lender standards, state law, and other factors.

What are some key factors to execute to make sure that everything runs smoothly 

So experience and liquidity will be biggest factors.  

This will give you an option fee up front, it will also get you a premium on the monthly rents because your going to factor in the rent credit over an above the normal rents, and lastly, this will get you an appreciated sales price because your going to base it on the anticipated value in 2-3 years versus today's value. 

Obviously you will need somewhere to live, so that is an expense that needs to be factored in.You can house-hack by buying a multi and living in part of it, or do you have enough free cash to purchase multiple SFRs (one for you to live in, the rest as rentals)?

Cap rate is a factor of NOI, tenant credit and external market factors.