Right now, you have $2,200 annually, so you're expecting the rental to be empty for a full month each year, so you'd just need to know your market to understand if that's accurate or not-Property management: it's normally advised to include PM in underwriting, in case you don't want to self manage in the future.

You may be able to do some arbitrage in this area.Unfortunately that's quite normal for military housing. 

@Kevin FitzpatrickReal Estate investing normally requires three traits to be successful - Money, Time, Expertise.Are you getting into the business with your brother in law because he has traits that you are missing?

When you walk in it, it feels like your in a normal bathroom anywhere else in the home, it's that level of finished.

It's sick and twisted.I would just like to have the government house those who are forever homeless AWAY from the towns, out in the country paid for by the taxpayers for the benefit of the taxpayers.Giving them a 'Hand Up" works for the short-term homeless people (those who have experienced some misfortune but can get back to normal with some help) but it seems like a large swath of them need to be "cared for" indoors by the government.If that is sick, twisted or smug, then so be it, but living outdoors on city streets will not cure their drug behavior or their mental illness either.There are two separate issues here:[1] "America" has a homeless problem.[2] The Homeless have drug problems and mental health issues.I am focusing on issue [1], you are focusing on issue [2].Just my 2 cents.

You might not be able to AirBnB there but you definitely be able to rent.  40% down is typically great in a normal market but with all this cash flowing, that still might not be enough in those traditional rental areas but would work in the non-traditional areas. 

I have the cash to finance normally but want to try and get a deal with my money out of it as much as possible.

This is not normal - and it sure isn't professional.  

Normally, no one builds a mansion in a blighted area.

I have been licensed since 1975  I have wholesaled I cant tell you how many properties well over 1000 that's for sure.But you have to define wholesalingMy definition is I buy them close on them  then usually do something to improve them sometimes not and then I resell them.If your definition of wholesaling is to simply make larger fee's than a normal brokerage commission ..