I got preapproved for a loan but I a lot of the properties need a little rehab mainly cosmetic.

Since they have no problem with money, and it is strictly their money, I would mainly go for higher-end flips. 

@Bharath Danda, main thing to consider is that the rent is likely to DECLINE over time.

Rehab loan and the refinance into long term debt.

I have worked in investment banking, private debt, commercial banking, and private equity all at “prestigious” firms and closed $30bn+ worth of deals.

Would it be a good idea to vet a new Gc by getting estimates on rehabbing the third floor with carpet and mainly renovating the bathroom?

The main benefit for VA over an FHA loan is 0% down required and you don’t pay monthly mortgage insurance, which can add up to quite a bit in the long run.

Which you could do a section 8 or SSI rental and get a check every month the the Government.I will be giving you a couple senarios on pricing which the main focus is the heating cost and how you want the heating and AC installed.

Here's how I got there:$6800 GSR -$1700 Owner's unit (you'll be living in one unit)-$2890 Expenses (42.5% of GSR - left out CapEx, included management)-$2863 Debt Service ($582k @ 4.25% for 30yrs - that's 3% down on $600k)Total $653 cost to you each monthOnce you move out, you'll see ~$1050/month CF, which isn't bad.

I'm looking mainly in the 2-4 unit ranges.