The one thing that nags me in there and would need some legal fleshing out is how close that is to a step transaction. 

If you were to pursue the deal you should have the property inspected to determine the condition and life expectancy of all major components and appliances.  

I would also state that the appraisal part of VA loans can be the toughest step of the process. 

In June, I knew I didn't know enough to begin pursuing a deal.

So much to learn from your story as I am also married and have a new little member of the family coming soo (not too excited about stepping into a minivan :) You got Great energy.

Is it an advisable deal to pursue or should I get my debt2income ratio down and wait for another deal?

The fruit falls off the tree, into the farmer’s hand.6.The 4 levels of competence, and how they apply to investment salesAs with anything, the first step is admitting you have a problem – that you don’t know what you’re doing.

So my biggest recommendation is to keep a good communication channel open and always ask what the next step and what do we as a team need to have done to get there.

My funds are low but I have done a lot of clerical work in finding potential properties and deals, I just don't have the connections yet to show the properties and need guidance geting to that next step.

To break into the industry, my first step will be to speak to a friend of mine that has been a realtor for a long time, to see if he wants to go in as partners.