,You're right that I did not mention many details but my example was to illustrate what's possible, not to lay out and exact business plan with all elements spelled out.On the HML side, let's assume 12% interest and 3 points.

After listening to numerous BP podcasts, they always say that its easy after you do it the first time as are other things :p.. 

Ok, so I am sure these topics have been covered in numerous other posts but I am having a hard time finding them as the info seems scattered.

I have dealt with this numerous times with my clients.  

This is regarding a 13 unit building in Illinois that went condo in 1979. The building has 12 above ground units and a single garden unit. In the 1979 condo declarations the garden unit is listed as a 1 bedroom with a...

We've spoken to numerous lenders across DFW, and every single one will give us a different response.

But I'm probably too conservative, too paranoid, etc. so there's a element of risk/reward.All of that said, with a $199K asking price there are plenty of people who could just pony up the cash and buy it straight out.  

I have had numerous at home deaths and none ever required a "special team" to clean up.

I've read numerous long-winded threads on this topic but am still unsure as to how to proceed.

The key element is that regardless of which city they are in, they are both going to be familiar with the VA Residential Landlord Tenant Act.