While the title search should uncover any liens associated with the property, you also want the protection that the actual title insurance policy gives you in case something is missed.

I'm independent, no debt, no student loans, very low tuition (with financial aid grants), rent of $500 per month, credit score above 750 and a small chunk of change saved up in the amount of $15,000. 

Looking to increase my knowledge in real estate to for both personal and financial gain.

Tell them that you intend to rehab both units and need them vacant if they are not protected by a lease.  

Hi, @Ben Roberts.I agree with @Curt Davis, @Alex Craig, and @Dean Letfus.Your downside seems to be protected in many ways.I don't know if you've bought your first buy & hold yet, but this sounds like a good way to test the waters.  

I've been in the Air Force for the past 10 years and I'm hoping to use this as a means to becoming financially independent by the time I retire in another ten years so that I can focus on what makes me happy rather than what pays the bills.I am currently living in the Richmond, VA area, where I own a home that I will be renting out in another year or so when I leave here.If anyone has any advice, I am all ears and I look forward to participating in these forums!

But really what are the odds that two applicants will be EXACTLY the same, in the end you need to feel comfortable with the person in your investment property and contrary to popular being a jerk IS NOT a protected class so discriminate at will so long as you don't violate any fair housing laws.

Your financials are too tight to not have predictable cash flows on this property.You also could lose the home sale exclusion if you convert your former residence to a rental.  

How the difference is calculated after the county limits is the VA needs 25% of the difference above the county limits to be left (equity) so the VA loan is protected on very high loan amounts.

There are a few funds that invest in notes, which offers good downside protection due to the discount the fund is able to buy the note at relative to the properties value.