I looked into a more stable cash flow market such as Indianapolis but the crime index concerns me.

@Jonathan Klemm, Thank you for the reply, on the rent to retirement website they have several properties in Dolton and seem to have good numbers.

Hi, I am assisting my father to retire and sell his property.

To refinance a property with a low conventional rate you basically need: good credit, stable income on IRS taxes in past two years, equity in property that meets health and safety codes. 

Hi Folks, My father-in-law is semi-retired, just bought an RV he plans to live out of and is looking to sell us his home for us to use as a rental at a good price.

I would like to retire there, but I have another 10 working years until I can retire.I live in AZ, so it's only 2 hours flight to PV. 

Just to add we have stable jobs that bring in good money. 

That's why I am on the fast track to being retired from RE acquisitions.

Having stable jobs or income or working in the government is going to look much better from a tenant and landlord perspective.Use that VA as soon as you can, grow the equity early in your career, rinse and repeat every duty station.

Based on the parameters you provided it'll be difficult to get a typical loan, so youll have to look at portfolio lenders, local lenders, community bank, bringing in an equity partner or some other way to increase your down payment, even a bridge or hard money loan until the property os stable then refinance it, are options Good luck