The seller gets out of a difficult situation, the buyer gets a newly renovated house and the neighborhood improves. 

Newly built properties on that lot are selling for ~700k range so I think that would be an appropriate price for a flipperI am unsure as to whether I should offer on the teardown or empty lot.

One would assume that would be a logical course of conduct--find out the experiences of other states with the Uniform Laws and their own fine-tuning, learn from mistakes, learn from things that turned out well, and incorporate everything into a state's newly enacted residential landlord tenant act.

If you're evaluating sponsors I'd love to tell you more about my company - we are launching 6th fund in May focused on multi family assets.

I would either buy an existing home with your VA loan, or purchase a newly built home from a home developer using your VA loan, unless you have the cash to buy the land and pay the home builder. 

The sellers asked 40K over ask on a newly renovated house in a beautiful location.

@Timothy Frazier - If you can qualify for conventional financing then you should not have any issues getting a mortgage put on the property at 75% of the newly appraised value. 6 months is the seasoning requirement for Fannie/Freddie- I have not heard of a 1 year waiting period unless the lender you're dealing with has additional layovers. 

She opened her doors pre-pandemic, survived, and is growing both in the brick-and-mortar and online space; she manufactures all her beauty products in-house, and just launched her first marketing campaign this month.She has met with a commercial lender who has pre-qualified her for a 75% LTV loan — but she doesn’t have the $35k for the rest — it would wipe out her operating/cash account.

Newly renovated property that had been sitting on the market 6+ months How did you finance this deal?

Commissioner, TC Memo 2012-118 (April 23, 2012))I would focus on avoiding the capital gains tax because that will be a much larger cost than the incremental property taxes on a newly purchased property.