I would for sure get ahold of some reliable licensed insured and bonded contractors who are knowledgeable and can provide you with previous work experience and call atleast 5-7 references.

In my experience of 2016, here is what happened:Month 1 and 2-  A lot of uncertainty due to local regulation, FEMA, flood insurance. 

I would consider holding any proceeds, or a significant amount of the proceeds, until they deliver possession.

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.

Details: Purchase price: $50,000Loan amount: $40,000Down payment: $10,000Interest rate: 6%APR: 6.404%TIP: 116.332%Monthly principal and interest: $239.82/monthEstimated Taxes, insurance and assessments: $292/monthEstimated total monthly payment: $532Estimated closing costs: $8,247 (+$10,000 down payment)Breakdown:Origination charges: $950Appraisal and all title fees: $1,862Recording and transfer taxes: $800Prepaid homeowners insurance and interest: $697Initial escrow (2X months Homeowners insurance + 12X months $250 property taxes): $3,000Other (buyers personal attorney fee $450 + Title-owners Title Ins $405): $855Thanks again so much for your time and input.

I am not a seasoned investor but I have the capital to proceed with this purchase.

Plus cheap health insurance for the whole family.So I'll just keep plugging along.

See if insurance will cover any of the costs.2.

So keep the extra premium in mind for your numbers if you plan to get conventional financing after as they will most likely require flood insurance and that can be pricey.

Were you able to fax in the filings to initiate the proceedings?