Word of advice is that if you believe you are going to be stationed at your current location for a while consider using your earned benefit of the VA loan to house hack a detached duplex.  

But I’m keeping positive, it sounds like it is likely that I can lock in the rate and receive some sort of adjustment if / when my credit FICO score improves prior to drawdown date.

IncomeRent: $3600Laundry: $50Sub Total: $3650Expenses @6% INTP&I: $1769Taxes: $317Insurance: $120Vacancy: $365Repairs: $365CAPEX: $365Management: $365Total: $3666Difference: $8As I adjust the offer price I get the following numbers:INT 6%, Price: 295000, CF: 8INT 6%, Price: 275000, CF: 128INT 6%, Price: 275000, CF: 278I would personally manage the property allowing me to save the 365/mo in management fees for the first few years.2. what are your expenses every month?

@alissaengel did being in the military benefits help you in anyway?

The HELOC worries me a little bit because of the adjustable rate, but I like how I can control how much I take out.

Has this benefit been discontinued, or am I looking in the wrong place?

The tenant problems that usually come with this will far outweigh any benefits in terms of returnsAre you going to re-finance it after purchase/rehab and after you pay off your line of credit?

Seller may carry some paper for me and that would be a benefit.

November through March is typically a little lower.Also need to compare apples to apples and make adjustments appropriately. 

Anyway, good luck and definitely look for a water adjustment on the next HUD/CD.