I've been fascinated by the concept of a VA for years. 

As a remodel, if you are experienced, you may be able to make the case that they will easily get their money back but you will have to sell the concept to the bank...and especially the underwriters.If you move into it, you can consider an FHA 203K Rehab Loan.

I have been working for the past few months to re-acquaint myself with the concepts and to improve my knowledge base.  

They have us submitting not only their development permit(approving their "concept" with no designs yet), they have submitted for grading permits, right of way improvements (curb gutter sidewalk), and site utilities like storm drain, water, fire service and sewer. 

There's so many things that's wrong with this concept.

My wife often serves as my most thoughtful concept critic. 

Some concept rebuttals:"That $900 payment includes the insurance payment, whether the current owner pays it or we pay it, the payment will be about the same."

I understand the concept of buying a property subject-to and doing a wrap-around mortgage to the end buyer, would this "wrap" consist of a lease option for the buyer?

This gives pretty in-depth knowledge of real estate concepts, with the ability to work in the public or private sector. 

I would imagine similar to airbnb concept without the hotel approach and more of longer term lease.