Second have you given a thought of using the VA loan to get a double and live in one unit and rent the other.

But rents are double of what you noted.

My money there has an average annual rate of return of a little better than 10% return over almost 14 years (roughly doubled in value).

Just get your own policy and list the lender.. this can risk a call of the loan.. but we all know that.or pay the old owners insurance and get your own.. be double insured.. 

I got a quote the other day and after checking the book I did a double take--they came back with a 33% discount the day after I walked away.The books already paid for themselves.

Rehabs can easily blow out to double your original estimate, especially if you are looking with a somewhat un trained eye.On top of that your $35k profit for having $500k tied up for potentially 4 + months is kind of anemic, if the above happens (rehab estimate doubles) there goes all your profit.

Leveraging can be a double edged sword.

Our group does very similar work to you.We have bought over 50 houses in 2013 and are looking at doubling that in 2014.Currently expanding into Ohio.Thanks and have a great day.

If you bought in class C neighborhoods, you have doubled your money.

. :~)Also, sorry for the double post.