If one thing goes wrong where is the money coming from to renovate and/or cover expenses/loan payments. 

Start looking for properties with your agent, make offersAfter step 5, I would say it is important to make connections with contractors but it sounds like you have that part covered.  

If anyone knows the Virginia market, this property is located in Petersburg, VA in case that influences your feedback.I have negotiated subject to and owner financing to purchase the deal using the following structure: I will pay $8k in cash I will take over the existing $59k mortgage payments (28 years left) of $506.70/mo PITI paymentsThe owner will wrap the remaining $8k into a second 15 year mortgage of principal only payments of $44.44/moTotal monthly payment $550/moThe Deed of Trust will transfer to me at closingI will sell the property via Owner Financing to a tenant buyer using the following structure: Purchase price $85kPay $10k downI will finance the remaining $75k for 10 years at 10% interestMonthly payments of $1000/moBuyer may cash out anytime after the first 5 yearsTenant buyer covers repair costsDeed of Trust transfers when tenant buyer cashes property outBasically this strategy is a way to get all my money invested out of the property and avoid typical rental property expenses to keep all of the cashflow.

If they're mid-sixties they are or should soon be eligible for social security, if they're covered. 

HOA $255 monthly (covers water, outside landscaping and roof repairs).

Just wondering if there is already a forum out there that is covering this?

I called several listed in forums and several local but they do not cover AK. 

., and a reserve for capex) to get your Net Operating Income (NOI)From your calculated NOI, you can really start digging deep:Subtract your debt service from your NOI to get your cash flowDivide your NOI by the acquisition cost to get your cap rateTake your NOI, add the reserve for capex back in, then subtract your mortgage interest, to get your taxable incomeDivide your NOI by your debt service to get your debt coverage ratio (tells you how many times will your NOI will cover your debt/mortgage payment).

A person suffering from seizures can't have five seizure alert dogs.

How do you handle acquiring a rental property that already has long term Sec 8 tenants who’s rent covers beyond the cost to finance the property.