@Cole Hagen my feedback would be: 1) don't commit income tax fraud by purposefully under-reporting your income, I may be wrong, but I'm pretty sure the IRS rule is that other/misc. income in excess of $600 must be reported, and 2) if you ignore 1) and do chose to not report it, it's probably not a great idea to post about the fact that you're considering doing so on a site where you have your full name posted, how easy would it be for a Google search to turn that info up or for someone to report you to the IRS based on this post?

I have read the zoning rules, but cannot find anything dealing with this.

When people mention the "1% rule" you usually want to consider 1.2-1.3% as a better rule of thumb before you dig into numbers on a specific property in Allegheny County (IN case you don't know what I'm talking about: https://www.biggerpockets.com/blogs/7325/46689-the...)The taxes are higher than most areas.

@Brian GarrettGotcha, understandable We haven’t ruled out flips just yet, just trying to see what other ways may be out there, or if 20-30k would be sufficient depending on the market for a flip.

If you are interested in turnkey that meet the 1% rule then I can put you in touch with someone! 

According to the VA documentaion you can "purchase a home that needs improvement, or where the buyer wants to alter the home to their preference."

@Mike Sands Honestly, I do not see this being a good, opportunistic BRRRR project unless it appraises for $162k ([$64k cost + $50k rehab] divided by 0.7) Also, the rents would not justify holding this as a rental property as they would not be near the 1% rule.

I was always told use OE is roughly 50% of GPR as a general rule of thumb.

I know all the rules of thumb for residential real estate--the 1 or 2% rules for cash flow; the 50% rule for expenses; 5-10% for vacancy, capex, and property management each; $100 per door for cash flow; etc. 

I am currently paying off some of my personal debt to improve my DTI, but I am only doing so on loans which have already experienced a significant amount of pay-down.4.)