They happened to have a 36" wide, stainless fridge (French door top, bottom freezer) with no cosmetic dents or issues on the front.

Auction, fix all cosmetics first.

After one of the units is renovated cosmetically, we intend to rent the second unit to a tenant while living and flipping the other unit.

Downside is you are only getting one unit at a time, will likely need more out of pocket in repair costs, but cash flow is a little better.That said, the Killeen area has a lot of newer housing, and most foreclosures are less than 15 years old, so you can get buildings that are still in great shape and just need some cosmetic stuff like new carpet and paint.

For cosmetics it is about what your market will give you extra rent for.

With a va loan I think it needs to be in good condition already, so you might buy a big house that needs cosmetic updating and do the updates to generate additional equity.

Assuming HOI on an investment property was the same (i'm sure its not), here's my figures:Proposed monthly:$660 - mortgage at 30 years at 4.5% estimate$60 - property tax (appx $700 annually)$70 - insurance (appx $800 annually)$60 - vacancy at 5%$83 - maintenance (est $1k annually)$1,200 - conservative market rentCash flow: = $260Our "next" home is highly fictitious, but I intend to spend a similar price and search for something that needs some cosmetic work for quick equity with the intent that we may eventually rent that home out later in life, as well.Would these figures make sense?

(Some of the units are in decent shape and only require cosmetic repairs). 1) What structure do you think best?

After all the junk was removed it was a basic cosmetic rehab.

Cosmetics are no problem.Any realtors in the Houston area that have experience in investing- I would love to talk to you!