In October 2020, the loan will be paid back plus the standard 3% when taking from 401k, and I will have a $1,500/month cash flow.

@Michael NotoThey barely can afford the deposit so it’s tough to find a Sec 8 tenant able to pay deposit and first months rent. 2 months is just the standard for getting setup on the program and getting the first check.

@Jenny Roman Question is there a standard on the sales %?

You also can't do a rehab with the standard FHA loan, the 203b.

I think the previous owner installed them himself so I would guess no permits were pulled.After doing more research, at a minimum it looks like I'd need to fill the large pond to be no more than 18" since there is no fence and that seems to be a pretty standard requirement.

Can you pitch a target market as a standard of practice?

Hire a contractor to give you a bid for how much it'd cost to get the unit up to comparable standards.

What I see more is people taking a standard construction loan and converting it to a VA loan (“2-Time Close” Loan).

All the stuff the guy above and I said is pretty standard stuff one should know before leaping into things.

You could just have an agent look it over if its a standard contract/boiler plate form.