You can't use it to buy consumable goods or products that will be used. 

A "building-ready" lot is worth around $100k and there are plenty of these with old mobile homes, in about that price range, that can be quickly replaced with a new house, without having to go through time-consuming septic approvals, environmental reviews etc.

I have been wanting to get into investing since forever ago but have taken the plunge until this past Saturday when I took my first webinar with Brandon Turner ...Thanks teach.

The process was very time consuming.

People live in these units at below market rent for so long and seem to expect to live in them forever. 

@William Wong Student rentals can be very time consuming, I highly recommend that you do it in a market you are very close to if you do it.You will also want to take steps to making sure you don't get burned, here are a few that I have done:*Get parents to co-sign the lease, a student will be less likely to trash the place and not pay rent if mom or dad are going to be getting a phone call.

Then remediation if necessary can get time consuming and expensive.Just remember you can only use your VA benefits if you're living in the home as your primary residence.

And yes, since I am out of state I can only consider doing TK deals.So it will basically take me about 10 years to make my money back if I purchased with cash, and by that time all major appliances and the roof might need replacing, and I will have to hold onto the home forever because the chance of selling the home to an owner occupant is slim.

You want to find the owner who has had the property forever and is just looking to get out, they don't like their grand kids or real estate agents.

I plan to sell some when things get ridiculous and pay off my Los Angeles stuff, which I plan to hold forever.I'm not saying you can't find good deals in Florida and make money on them, but I would think hard (which it looks like you are doing) and have good justification for selling something in Brooklyn that is making money.Also read David Schumacher's "Buy and Hold Forever" book (or any of the 4 versions of his Buy and Hold book, I have them all, including a signed copy ;) It was also recommended in Jonna Webers BP PodcastGood luck.Jeff