However, you need to consider that over time taxes and insurance do go up, so if the margins are very thin in its present state with limited expected rental growth it might not be a viable deal. 

But remember,  if you have overall loss, the loss is limited unless you are RE pro. 

Maybe it will be to pull equity out and to go out of state, maybe it will to try and house hack, maybe it will be to pull money out and invest in a syndication... the sky is the limit when you have a free property that has as much equity as you.  

Just sounds like a lot to deal with on such a small property with limited upside potential.

The general consensus among those of us hashing it out, though, is that if he wants to use his VA entitlement, his options are to either 1) use it up to his limit and then get a 2nd mortgage to cover as much of the remainder as possible 2) OR to use his VA over the prescribed entitlement in which case he will have to come up with 25% of the difference between his entitlement and the purchase price.

I took the pre license exam and then the test right after my 18th birthday.. flunked first time you were allowed to take it two weeks later in those days passed that time :)  served me well all these years.. not without its ups and downs.. and to me its not work its a lifestyle..

@Tom Smith easily attainable if you invest it correctly.In syndication for example, the standard is an 8% preferred return (the limited partners receive 100% of profits until 8% annually is met), 70/30 split thereafter.

I just realized a friend had invited me to the annual Lifestyles event downtown. 

There may be a few limitations but it's minimal in my area.

and see if they are high enough(like $500 bucks...) which could make this deal a little more attactive.One caveat to this deal is that if you plan on running it like an apartment, then your valuation is compeltely different and maybe this pricing will work for you....which running it like a horizontal apartment is not necessarily the wrong thing to do if that model works for you...but keep in mind it may limit your exit strategy or ability to get financing.best of luck