.- VA - no equity in the primary residence is required to use rental income offset and depending on who the investor is on the note you should not require 2 year land lord experience as well (documented by tax returns or third party verification).The key distinct advantage of VA rental income offset is that its not discounted which means you can use 100% of the monthly gross income to offset your current PITIA (monthly principal/interest/tax/insurance/assessments of your current residence).

Nothing more dangerous than an inexperienced investor with a lot of capital. 

Like most tools it can be helpful if used the correct way, and dangerous if used incorrectly.  

Make sure you know what you're getting into because it seems like you're making a lot of dangerous assumptions about this entire 203k process. 

There is no danger of somebody else buying from him, so just be polite and tell him your offer is good for X amount of days and you hope to hear from him.

When you say "shared drive way" I'm assuming you mean that it's two driveways that happen to butt up next to each other with a distinct property line somewhere.

However, acting without knowledge is dangerous so reading and learning are vitally important.One of the best ways to learn whilst doing is to find a mentor.

I never felt in danger or anything. 

I see the "Danger Falling Ice and Snow" warning signs on buildings all over town.

It is still very solid and not in any danger of giving in or moving more.I met with a concrete repair man who will place stucco in front of foundation around the house and in basement. there won't be any cracks showing, however there will still be a bulging wall (approx 3ftx34ft) on side of house, with stucco on it.