Have you tried considering both and seeing which one gives you a better experience?

I have no experience with a flip and was thinking of using my current situation to start the learning process. 

Working with a lender who does a lot of VA loans will also be useful in this situation as they can help guide you based on their past experiences with foreclosures in the area and appraiser's.

Borrower experience?

From my experience, the reps at section 8 truly want to find suitable housing for their voucher holders hence I would be very suprised if they lowered the rent beyond the current rate.

Those present two very different levels of risk.You should also consider how long ago the offense occurred and what the individual has done since then.

I was curious if anyone has experience of having invested in this fund or their previous fund offerings?

You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

I would love to buy an existing one first to get the experience, but am also open to developing from scratch.

You also could buy a multi-family in VA and rent out the additional spaces.Keep in mind that VA is for primary residence only.You could just go straight up investment but that is a much more expensive proposition.As for a lender, I have a lot of experience in this area.