First of all you'll need to speak to a lender to see what you can qualify for and make sure to take the new build into consideration!

Independent cost segregation firms have brought the costs down considerably and now any property owner can get a cost segregation study for a few thousand depending on the size and complexity of the property. 

I wanted someone there that would ensure the adjuster took everything into consideration.  

@Deanna McCormick  too funny .. if they did this to me I would tear up the lease as its not valid without consideration.. send an email to them telling them they are out no keys will be provided and wish them luck.. but that's me.

@Alex Velez I'd take into consideration the VA funding fee for your mortgage payment.

I guess I am a little trigger shy since our only rental was paid off when we started and we had no luck when the wife and I started our LLC's in a different area and were much more liquid financially.  

By no means am I saying not to do it - just make sure that you take everything into consideration.

A few points of consideration:- Running through the numbers, the house will not be cash flow positive on day one (If I buy at the appraised value).

Straightened out my credit and was ready to pull the trigger only to find out HML is tricky.

We inherited tenants in 1 of the units and agreed to honor their lease (at considerably below market rent).