However, I have a client who will be buying a home in the next month or so and will likely buy one that needs some updating.

If you are starting out with single family and self managing that would be very difficult and costly to manage, imo.  

We take a 25% deposit upon contract signing for standard residential clients.

I have clients who provide the design, layout and materials and I provide labor.

To actually prove in the courts that a tenant is living in the unit is difficult.

Is that something that is difficult to learn?

How difficult would this be?

Too much of a time drain on my life with the drama and they are low producers compared to what I can close on my own spending time directly with clients.

We tend to get quite a few clients from USAA because they were told the timeline with USAA is about double what it takes some lenders to do a VA loan.

I'm not actually sure) could end very badly for you, and it would be incredibly difficult to find people willing to provide the cash anyway.As far as the private money for the renovations, it really just depends.