You can share that with your accountant and start to have a conversation now of what your tax liability (if any) from this deal may look like and start to develop plans on how to potentially mitigate those if they are substantial.

Frankly, this process benefit Agents as well as Investor can get to actually making an offer quicker.

Arbitrage is a high-risk thing that depends on precise knowledge and process.

Hi Nora,Your county should have a process either with the court or sheriff.

The line will be over $500k so most banks process it similar to a regular home loan.  

If you plan on using VA eligibility to purchase a home then you would have to buy it as a primary residence. 

For screening, I use either Zillow's application process or if not coming through Zillow, apartments.com to run the credit and background checks.

Maintain discipline in property management and consider tax planning to maximize tax benefits.

Because you are literally guessing at market rent and the PM will…1) keep your application and denial process legal2) advertise, screen and place the new tenant faster and better3) probably save you more money than they cost you. 

Not just friendly but one who prepares them to run your processes with clear expectations and benchmarks for success.