The primary purpose is to assist eligible veterans in purchasing, building, repairing, retaining, or adapting a home for personal occupancy.Asset Protection Strategies: If your goal is to protect your assets, there are other strategies you might consider:Insurance: Obtaining adequate insurance coverage, like homeowner's insurance and umbrella policies (as @Greg Scott mentioned), can provide a layer of protection against liabilities.Homestead Exemption: Some states offer a homestead exemption that can protect a portion of your home's value from creditors.Trusts: In some cases, placing the property in a trust can provide asset protection, although this can be complex and requires legal expertise.Legal and Financial Advice: It's crucial to seek advice from legal and financial experts.

I am also interested in purchasing another property that is ready to go with minimal repairs needed to start getting some passive rental income.

Welcome to BP and congrats on your upcoming purchase!

I'm in Canada, but we go through a lawyer (or notary) when purchasing or selling a home. 

Here is the scenario.The current property purchase price is $250k, promissory note is $450k, let's say the property sells at $1M.

If you have not performed rehab, you typically will need to have held the property for 6 months before borrowing based on the appraised value - otherwise, in those first 6 months you will be limited to 80% of your purchase price. 

Hello,I recently purchased an affordable property in Louisville, KY and I will be managing the property using Appfolio, which has an "Affordable" module.

We were struggling/ hated hours spent on potential profitability of the purchase in all the calculators by copypasting, and using background in tech created rei-lense.com to get all the numbers on the spot which saves so much time! 

Purchase price: $101,000 Cash invested: $10,000 Sale price: $180,000 This was my first property I ever bought.

I'm still learning the flip world, but a purchase cost of $80k for an ARV of $250-350k seems like a big delta... maybe a little too big.