While South Burlington has a strong chance of continuing to be a popular area to live in, and thus has a strong potential for property to appreciate, this is not guaranteed, and therefore in my mind any investment there is more speculative in nature and a little more risky than buying a property that from day one has a double digit Cap Rate and 30%+ CoCR.

Eventually all of the units sold for rock-bottom prices.Fast forward to 2015 and although not fully recovered, the neighborhood is on the upswing with new construction and is guaranteed to be a more desirable location in the next 2-3 years.  

If you do it get non-recourse with no personal guarantee so you can throw back that fish.

The banks get personal guarantees so will stick it to you as interest rates rise on a short term loan when it comes time to extend the loan.  

You will also have to guarantee the loan personally - the non-recourse financing isn't available until you are borrowing north of $1 million.  

I can almost guarantee your house will sell faster with in-trend designs in your flips, as long as it's priced right!

On a side-note (in case you didn't already know) since you're in Placer county, CA...it looks like you're max VA loan guarantee based on county is $474,950. 

I haven't read their contracts, but I can almost guarantee it isn't assignable.  

While a home inspectorcannot guarantee that the home inspection will identify every single problem with theproperty, the home inspector should investigate several different components of theproperty." 

Another example, warehousing could be very risky if you don't have a guaranteed tenant so the return needs to be higher.