No water falls from the roof, and all of the drain tiles function.3.

That type of scenario, where a family has owned it for a zillion years but not done updates in ages, but it's still a complete and functional home, is about as far as you can push VA loans in terms of fixers.

For example, we have a 1340 sq ft house in good condition, in a good neighborhood, with a good sized yard, that is worth about $90k.Lubbock has a good, robust economy.

I think you could make it much more functional with a larger mirror and some shelves or cabinetry.

@Matthew Sutton As an investor in the US as well as the UK - I can tell you that the markets and laws function very differently in the two countries.

I'm not worried about collecting the rent, I'm worried about using appliances etc in my house to keep them functional.

I believe in the Bigger Pockets tools and resources there is a pretty robust spreadsheet for estimated project rehab costs.  

My website is fully functional and running.

I hated it, because it didn't have some functionality that Quicken has, which is what I had been using.

The only factor involved in this case, is how many homes you can garner using cash versus financing and this will determine the function of your risk.