So just recognize this could be lengthy process if they default.If it was me, I would take it as a non-refundable deposit with a letter of intent and a purchase and sale agreement that the money is a down payment, is not refundable and they must execute the closing by a specific date otherwise they forfeit the money.

What has specific exclusions or limitations? 

As a landlord, how specific do you get and at what point, if any, does tenant become responsible fro treating the issue (other than communicating to the landlord of issues). 

Speak with a VA lender for specifics, but you can 100% do it.Good luck!

The trouble I'm experiencing in South Denver, specifically Highlands Ranch, is the averages I'm getting aren't enough to even breakeven.

The renovation budget from this loan allowed us to replace the siding of the property and repaint the property as well as make other changes to greatly enhance the curb appeal of the property. 

The general won't because you are doing some of the work and he can not represent to the city when stuff will be done and whether it will be up to specifications/code.

I am diligently saving/scanning/uploading receipts & importing transactions from a rental-specific-checking linked bank account.

There are little nuances and differences specifically when it comes to Canadians but most of what others said on the thread here is correct.

This gets complicated and is not a DIY project.And, depending on the specifics, various other limitations can come into play.