These are EXACTLY the kinds of property management challenges you are trying to take on by buying a rental property!

Over the last few years, my business partner and I have been looking for buy and holds in the area.

Just like anything it comes down to doing your due diligence and inspecting the property before you buy it so you are aware of the age of the capex and all the mechanicals. 

You would have to buy a fixer upper and get it to that that 7.5% level.

You can get the rest of their entitlement by multiplying it by 4$100,250 * 4 = $401,000They can buy a house up to $401K and still use 100% of VA entitlementsBonus: If they want to buy a more expensive home, they have to put 25% down on the difference of the home and the entitlementExample: Seller wants to buy a $601,000 house$601,000 - $401,000 = $200,000 (difference)Down payment = $200,000 * 25% = $50K% down on home = $50K/ $600K = 8.3% down payment

Seems to me directing your custodian to invest in something like a piece of real estate isn't the same as telling them to buy X number shares of ABC stock.

If they are leaving, setup a walkthrough to figure out what you need to do to turn the unit and provide notice form for them to offically say they will be vacating

I understand that a rental listing will not generate as much as a sale would, but I think a minimal standard should exist (especially since I plan to buy properties in the future).

I don't think you need to be an accredited investor to buy a multifamily property even if it's over 5 units. 

Hopefully the loan officer who quoted you that is familiar with FN and DSCR loans.