@Shanna ChenIt's a common misconception that you can only use the VA loan once.  

Don't just use a quit claim deed as that may present future title coverage, the deed should have a notation that the deed is a DILOF.In a judicial/title state you may need court approval to accept a DILOF, so check on that, in a lien state that isn't generally required.Another matter is that a foreclosure by a lender can mean they must sell the property to cover the lien and you can owe excess equities to the borrower, common misconception is that a lender is entitled to profit, that can be questionable.

Your pros and cons are a little off due to some misconceptions of wholesaling.

The biggest misconception those investors have that prefer to pay off their properties is that it increases cash flow, the reality is that paying off a property does not increase cash flow it simply divides the cash flow between two income sources. 

My opinion, a BIG misconception is that you must have money to invest in real estate.  

And further I was ( and it sounds like a misconception) that any monies I did advance to keep the first current ( if in deed the trustor was not paying on both 1st and 2nd) I could add to my credit bid at the Foreclosure sale along with my arrearage's and Trustee's fee's notifications tax's etc.

I heard that misconception never made it out of last week.  

Originally posted by @Andrew Jones:Mortgage Payment     15k....Nice homes are renting for 1000 a month.There are a lot of misconceptions and math errors in your post, but regardless, these two things tell you everything you need to know...If your mortgage payment is $1250/month, and your house is only going to rent for $1000/month, then you're losing money ($250/month) even before you factor in expenses...

I have had this conversation with many people and I think there may be some misconceptions about any paid education.

Oscar, I think you have a few misconceptions here, and have gotten some bad advice.