We are thinking very long term, so in order to cover bases regarding potential deaths, wanting to pull out, or being unable to afford the investment it seemed like the best way to go.Really looking for some general advice is there is any, we feel we've googled and researched everything that will apply, but are there anymore pieces to be aware of? 

More educational and networking rather than promoting products and services.

No, you cannot use your VA eligibility to bid on a home at a foreclosure sale in New York.Once the sale has occurred, if the property reverts back to the lender (Meaning it didn't' sell to a 3rd party), then yes, you can use your VA eligibility to purchase, if the seller (Bank/servicer/credit union, etc.) accepts your offer, and, if the property meets VA requirements (Section 1, etc.).I sell the REO my bank takes back and I don't like VA because they try to stick me with fees and try to make me do repairs that we just aren't going to do.

That being said there are still close to 1% deals on the DFW MLS (I just sent 5 to an investor to check out) and smaller markets that are cheaper on the front end but have a good rental base because of a college or military base are good places to look.

Also, for anyone based in Philly, I've heard from one contractor that quotes of 20-30k were common a few years ago, but due to recent rule changes, contractors need to maintain excavation licenses/ insurances to do any dig out work and that cost is getting passed to customers.

If I could add $140K in equity, I'd just want to know how much it would cost me to do those renovations and based on the scope you've described, that should be more than about 8 weeks of work max.

Albuquerque is home to Sandia National Labs, Kirtland Air Force Base, the University of NM, Presbyterian Health Care, Abq Public Schools, Amazon, Netflix, Intel, HP, T-Mobile, several large call centers, among many others.

I have an area in mind that is currently undesirable but based on market trends seems to be primed for growth in the next 5 years.Any advice on research I could conduct before diving in, or other avenues I could explore to start and build my portfolio would be greatly appreciated.

You can earn a high return, because there is a real service provided. 

But bottom line is you hired an individual for a service and they are not meeting your needs.