What are the benefits I get from being active duty military, as well as the downfalls?

He’s investor-minded and will absolutely benefit you tremendously. 

I am glad to have found this site and believe that it will be a great benefit to my investing business.

You'd be looking at 4800sf if you get the full benefit of the upside, and you'd you see $3.85M (Not too long ago people were paying $1k psf... but you'll never see 4.8M out of this property... at least not this go-around) ~ But I always look to add a big cushion on the reno side, hence my $800K-$1M range in initial post. 

@Steven ParksNo you should not do that.The IRS rules prohibit any direct or indirect transactions or benefit between you and your plan. 

I would get a conventional mortgage and put 5% down, You'll still have PMI as a monthly cost but when you reach 20% equity you can usually refi or appraise out of it (ask a loan officer). bottom line is at 22 years old you have the capital to live for free essentially and benefit from home ownership. you certainly have more buying power than $100-$200k as previously stated. $400,000 list price would be $20k down pmt and you could have your closing costs covered using seller concessions.

Wilson, Your decision is based upon numerous items.

I would love to post that everything went awesome... but that wouldn't really benefit anybody.

Certain legal structures can help securely and cost effectively own property in numerous states though.Please share here if you have any concerns about how to deal with potential legal liability in multiple jurisdictions.

Benefits are 1 person to pay rent.