The purchase price is $750k.Gross Annual Rent is: $91,800Expenses include:  Property Taxes $6,300 Property Insurance $6,000 Water / Sewer / Trash $7,200 Advertising $0 Live in Manager Free Rent $8,400 5% Repairs / Reserves $4,590 5% Vacancy $4,590 Total $37,080 As you can see above, there is a live-in manage who takes care of everything from painting, re-tenanting, collecting rent, etc.

All the paperwork that documents me paying for this house exists.

Add to that the fact that VA has no mortgage insurance and rates on a 30 yr fixed are currently in the low 3's gives you an incredible opportunity.I highly doubt an underwriter would approve a VA loan for a part time residence in Texas, while your family is in California.If you want more info on your VA options.

I like to make mine on an amortization schedule like a mortgage so that i am paying it down the same way, PITI (principal interest tax and Insurance).

Take it for what it's worth.http://thslawfirm.com/media/documents/1d31182412.pdfSURRENDER v.

Sometimes you can't get them permitted to move, most places don't want them, insurance and financing are problematic.  

@Shannon K. you may want to try this.http://portal.hud.gov/hudportal/documents/huddoc?

Also, I am not sure but based on simple common sense, new build makes your documents show "2016" as year built vs 1920 if you remodel only.

Not sure if you are guaranteed but I just finished a purchase thru them and good a special warranty deed and title insurance. 

Here is the latest summary: http://m.naahq.org/sites/default/files/naa-documents/about-membership/IncomeandExpense2016-EXECSUMMARY.pdf