You will pay an increased funding fee due to the subsequent VA loan, but you still don't pay a down payment, etc.....Although I am pretty savy, I am still not an expert so do all your research etc.. 

Details: Purchase price: $50,000Loan amount: $40,000Down payment: $10,000Interest rate: 6%APR: 6.404%TIP: 116.332%Monthly principal and interest: $239.82/monthEstimated Taxes, insurance and assessments: $292/monthEstimated total monthly payment: $532Estimated closing costs: $8,247 (+$10,000 down payment)Breakdown:Origination charges: $950Appraisal and all title fees: $1,862Recording and transfer taxes: $800Prepaid homeowners insurance and interest: $697Initial escrow (2X months Homeowners insurance + 12X months $250 property taxes): $3,000Other (buyers personal attorney fee $450 + Title-owners Title Ins $405): $855Thanks again so much for your time and input.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@Michael Noto No, I haven't yet because for the most part, everyone willing to live in this neighborhood has crappy credit and I hate to charge people that won't meet my other criteria the fee so I look at everything else first to rule out unacceptable tenants (court records for multiple evictions and violent crimes, bad references, facebook posts showing undisclosed pets etc,etc...)

If you find someone they will pay you in assignment fee on top of reimbursing your earnest money.

Closing costs for everythIng (including $1,600 origination fee) will be $3,600.

You can probably form it on your own and just pay the state filing fee.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Yes, when you prevail, you may recover your fees...but the other party knows it's a long, expensive road to that point and figures sooner or later, no individual can outlast them.

They would probably do the current house but take a long time, have expensive fees, and the local mortgage officer doesn't know anything about investment properties.