I'm considering taking the route of applying to be an EDEN Housing Program eligible property. 

I suspect it's probably not the same guy, but who knows. well there you go .. unless he is buying these first and then resellling might not be licensed or legal to do what he is doing anyway.

I want to make sure I am not missing something or maybe it can be done another way.  

VA loans, like FHA and USDA, can only be for primary residence purposes.

But Banks only fund the very well qualified generally no way a beginner is getting bank financing unless your basically borrowing your own money. 5.

@Mad Dendukuri easy solution - tell the tenant you can't afford to do flooring AND put them up somewhere, so deal is off.Either they will be reasonable or show themselves to be greedy and someone you should get rid of.

It's not gonna be a good way to learn anything.

If you did not and it’s unsecured debt you could be out of luck on some or all of the money as depending on his situation unsecured creditors in a bk may receive pennies on the dollar depending on what he can afford and if converted to a ch 7 you would get wiped out.Even in 2nd position he could argue the property is underwater and wipe out your lien.

A typical amount might be 20%.

Feel free to reply here or shoot me a message if you’ll be there.