If you never seen a scope of work then juts imagine a list of work that needs to be done with detailed description and itemized. 

And some will take this further by saying that if there are landlord paid utilities, one can expect expenses to be an even higher percentage of rent (60% is a figure that gets tossed into play).Search the BP site to find threads that discuss those in greater detail.

@Jeremy Taggart I'm still a newbie when it comes to the finer details, but I believe there is a limit on the value of the VA loan you can have.

@Hanna Borowski I'm with @Josh Collins you big risk here is the HOA's financial health. 

To have a "legal" transaction the only things you need is property address, contract signed by both parties detailing terms, and proof of funds to close.  

@russell @Russell Brazil can i bother u for more details?

Most importantly, does any of these submarkets have any economic anchors  like state government, major universities, major health care centers, or manufacturers that are independent of the economy like military suppliers that employs most of the residents of that submarket?

Also, I would recommend you find a good local attorney and CPA to talk about the details of how you do this in detail.

I feel like some of these small details get left out in the podcasts.I'm assuming I should get pre-approved before I start making offers. 

Having detailed written policies makes this easier.