I have started a discussion with our developers over the feasibility of this idea.

It would really need to go to 9 to 10 to make a suitable return on investment, which just isn't an option here.So my advice to anyone considering a course:first check your own local zoning laws to make sure this is even feasible or not.

You should do basic due diligence and feasibility before you enter into a lease but you definitely want to put the lease in place prior to spending money on site plan development and approval process etc.

Then, as time progresses, purchase another property and so on.Anyhow, my original plan of applying for the traditional VA loan isn't quite feasible, since my housing allowance doesn't count as earned income.I'm just curious, what would you do in this situation?

But it is perfectly feasible to get a good deal in that zip code.  

Once you have an idea of the potential income you then get the property under contract with a feasibility period, non disclosure non circumvent clause, contingent on you finding a suitable tenant at your rates.

I guess it would be feasible that a benefactor may let you bid with their dollars.

We have two littles ones (5 and 1) and not sure if it is even feasible to consider living in a reno with little ones lol.

I figured that someone would come at me with the wholesaling strategy but I don't see this as feasible when someone can max out by listing with an agent under MV and then create a bidding war that bumps the price beyond reason.  

If that's not feasible, then having a written plan for the rehab is a good idea.