Verification:Rental of Other Property Not Securing the VA Loan Obtain the following: documentation of cash reserves totaling at least 3 months mortgage payments (principal, interest, taxes, and insurance - PITI), and individual income tax returns, signed and dated, plus all applicable schedules for the previous 2 years, which show rental income generated by the property.

I've looked at a few properties on the auction sites and it seems like a totally annoying and frustrating process.

Also, moving a mobile home can be expensive ($3k) or a total loss if an older one breaks up during the move.  

That is totally fine as obviously this is entirely new to you, but you can choose to chip away on the internet and lead yourself on a long and not entirely well directed chase, or you can get to the point. 

Running the BP calculators, we decided to put a total of 15% of rents aside (5% for vacancy, 5% for general maintenance, and 5% for capex) and it still came out to a 15% COCR with 25% down on a 5.5% 30 year mortgage after we put about $10k worth of work into one side of the property.

Went and looked at a great house... total turd in a nice neighborhood... 

DOM today might be totally different 3 months from now, unless you're in the SF metro area!

However, I took a look at the last statement and saw that the current balance was about $225k (the total payoff would be a little higher).

Thomas, I have read your posts and totally understand where you are coming from.

I have spoken to a developer and he provide me a verbal bid of 108K for a 1500 Sqft house with two card garage. so the total sqft is about 1900.