Reading posts on here about folks buying non-conforming property suggest that there are appraisal, resale and insurance consequences involved. 

It is too easy when you are on your own to spend a lot of time on items of minor consequence, eating in to the precious resource of time and taking away from time and energy that should be spent on items closer to the top of the priority list that will help you meet your goals.

I am the former and am hoping to recreate at age 54 and develop into a home "flipper" and build a reputation as a realtor with a strong knowledge of home renovation.

While there is not penalty, I would suggest someone not doing this excessively as most of my bids accepted are asset review and I believe have a good relationship with the asset managers and having a reputation of following through gets me more of my lower offers acceptedRespectfully, I am not inclined to release the exact percentages that will probably be accepted.  

The consequences of "blowing up" the entire IRA are so drastic that for my taste, I would rather error on the conservative side and NOT do any property management for my own or any other disqualified person. 

Any recommendations for an agent in Indianapolis that deals with rental properties and has a good reputation?

If present, methamphetamine can have adverse consequences.

I guess I just felt the need to clarify because I feel like Everett doesn't really get the credit it deserves sometimes, and is still suffering from a "blue collar" reputation that it certainly did deserve in the past. 

Your best bet would be to find a reputable VA Lender and talk with him/her about the process and what you're hoping to do. 

Eventually we want limit our area of influence to a smaller niche but we need to find properties where we can get on the map and do a few deals to start building a reputation and generate income.