Way to put it out into the universe about jumping into RE investing.I think it's a great idea to invest in properties that you can take advantage of an ADU on.

Or don't bother with that and put 30-35% down on MLS deals that are still primed for upside(i.e good locations that well below citys median price point). 

if you want to, you could just say the application fee is non-refundable regardless of whether or not they are approved or denied - or just put that on the form they sign to give you permission to run their credit/background checks.If you are this worried about upsetting applicants, though, I worry about you.  

The town put a cap on short term rentals right after, but excluded certain areas.

Electric company put leans on the owner. 

We have a friend who would like to put up the cash to make this flipping a reality.

How confident are you that you could get deals to put your money into?

@Chris Seveneyto your point... a lot of new investors come on BP and don't want to invest in rentals directly (or are pausing) and get told "invest in a syndication" or "start your own HML business"this makes sense if you're established and looking to diversifybut if your life savings is $50,400, you should not put $50K in a syndication. 

Currently:- I'm pre-approved for $275,000 but with my credit I think I can bump that up to around $300,000- Have $10-15,000 I can put towards a down payment or renovations- Have access to the VA Loan- Am saving approximately $1000 a monthCurrent Strategy?

Some properties are turn key, others are gut jobs.You need to decide how much money to put aside excluding the down payment and closing costs.